The supply and demand for 15 pound turkeys at one grocery store is as follows: `

Question

The supply and demand for 15 pound turkeys at one grocery store is as follows:

`           Quantity Supplied                 Price                            Quantity Demanded

                        300                              $10                                            0

                        250                              $ 8                                         100

                        200                              $ 6                                         200

                        150                              $ 4                                         300

                        100                              $ 2                                         400

1. What is the equilibrium price for turkeys at this store?

2. What is the equilibrium quantity of turkeys at this store?

3. Explain why a price of $10 is not the equilibrium.

4. Explain why a price of $2 is not the equilibrium.

Explanation / Answer

(1).$6 ; (2) 200;( 3). at price 10$ supply exceeds demand; (4) at price $2 demand exceeds supply.

Rule : At equilibrium: demand = supply

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