Price $5 $6 Column1 92 36 $8 $9 S10 73 37 26 102 8. Based on the observed data c

Question

Price $5 $6 Column1 92 36 $8 $9 S10 73 37 26 102 8. Based on the observed data contained in the table, one can infer that column 1 depicts a relationship while column 2 shows a a. demand; supply b. supply; supply c. demand; demand d. supply; demand relationship The observed equilibrium price is a. $7; 50 units b. $8; 110 units c. $5; 11 units d. $7; 100 units 9. with an equilibrium quantity of 10. If the observed price is $6, then a of units would prevail. a. surplus; 68 b. shortage; 32 c. shortage; 36 d. surplus; -32

Explanation / Answer

8 d. First column is supply schedule because when the price is low, fewer quantities are supplied. The second column is the demand schedule because when the price is high, fewer quantities are demanded.

9 a. Equilibrium price is $7 and at that price 50 units are demanded and supplied.

10 b. When the price is $6, quantity supplied is 36, and quantity demanded is 68, there is a shortage of 68-36= 32.

11. b, when the price is $10, quantity supplied is 102, and quantity demanded is 9, there is a surplus of 102-9=93..

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