1 answer

The conditions of demand and supply are given in the table below. what is the equilibrium...

Question:

the conditions of demand and supply are given in the table below. what is the equilibrium quantity? Price Qd Qs $1.60 9,000 5,000 $2.00 8,500 5,500 $2.40 8,000 6,400 $2.80 7,500 7,500 $3.20 7,000 9,000 $3.60 6,500 11,000 S4.00 6,000 15,000 а. 6,400 b. 7,000 C. 7,500

the conditions of demand and supply are given in the table below. what is the equilibrium quantity? Price Qd Qs $1.60 9,000 5,000 $2.00 8,500 5,500 $2.40 8,000 6,400 $2.80 7,500 7,500 $3.20 7,000 9,000 $3.60 6,500 11,000 S4.00 6,000 15,000 а. 6,400 b. 7,000 C. 7,500

Answers

Equilibrium is the point at which the demand equals supply at a given price.

In the given problem, demand equaled supply at $2.80 which is 7,500 units.

Correct option is C.

.

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