Author Question: Effects of SurplusThe table shows the quantity of stuffed animals that are demanded and supplied at ... (Read 26 times)

tyratatyanna · **on:** Nov 23, 2022

Question 1

The table shows the quantity of mystery books that is demanded and supplied at various prices.

Price	Quantity Demanded	Quantity Supplied
5.00	60	39
5.25	52	41.5
5.50	44	44
5.75	36	46.5
6.00	28	49

Assume that at each price, quantity demanded decreases by 2.5 and quantity supplied increases by 8. What is the new equilibrium price and quantity?
◦ $5.25, 49.5
◦ $5.75, 49.5
◦ $5.25, 54.5
◦ $5.75, 54.5

Question 2

Effects of Surplus

The table shows the quantity of stuffed animals that are demanded and supplied at various prices:

Price	Quantity Demanded	Quantity Supplied
1	96	21
2	84	34
3	72	47
4	60	60
5	48	73
6	36	86

Suppose the market price is set to $3. This market has a ________ (shortage/surplus) of stuffed animals equal to ________.
Suppose the market price is set to $6. This market has a ________ (shortage/surplus) of stuffed animals equal to ________.
◦ shortage, 25, shortage, 50
◦ surplus, 25, shortage, 50
◦ surplus, 25, surplus, 50
◦ shortage, 25, surplus, 50

kaelamcrone · **Reply #1 on:** Nov 23, 2022

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