Price Demand Supply $10 185 208 $9 187 205 $8 188 202 $7 190 199 $6 191 196 $5 1
ID: 1192643 • Letter: P
Question
Price
Demand
Supply
$10
185
208
$9
187
205
$8
188
202
$7
190
199
$6
191
196
$5
193
193
$4
194
190
$3
196
187
$2
197
184
$1
199
181
1. To sell 196 doses to customers, what will the price need to be?
2. For stores to be willing to sell 196 doses, what will the price need to be?
3. How many doses will customers want to buy if the price is $2?
4. How many doses will suppliers want to sell if the price is $2?
5. Is there excess supply or excess demand at $2?
6. What is the equilibrium price? How can you tell?
Price
Demand
Supply
$10
185
208
$9
187
205
$8
188
202
$7
190
199
$6
191
196
$5
193
193
$4
194
190
$3
196
187
$2
197
184
$1
199
181
Explanation / Answer
ans a)To sell 196 doses to Customers, what will the price need to be
to sell 196, price needs to be $3 because only at $3 , consumers are willing to purchase 196
b) For stores to be willing to sell 196 doses, price needs to be $6
c)customers want to buy 197 units if the price is $2
d)suppliers want to sell 184 doses if the price is $2
e)excess demand at $2 is of 13 doses.
f)equilibrium price =$5 at which Demand= supply=193
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