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  • Economics 1 Instructions

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    The document contains a table showing the supply and demand schedules for good A at different price points, ranging from $3000 to $500. It also includes a demand table for good B. The market equilibrium price for good A is $2000, with an equilibrium quantity of 6500 units. If the price of good A is fixed at $1500, 8000 units will be sold. If fixed at $2500, the price is above the equilibrium so there would be a surplus. Demand appears to be more elastic for good B, as a larger change in quantity is observed for a given change in price.

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    The document contains a table showing the supply and demand schedules for good A at different price points, ranging from $3000 to $500. It also includes a demand table for good B. The market equilibrium price for good A is $2000, with an equilibrium quantity of 6500 units. If the price of good A is fixed at $1500, 8000 units will be sold. If fixed at $2500, the price is above the equilibrium so there would be a surplus. Demand appears to be more elastic for good B, as a larger change in quantity is observed for a given change in price.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    91 views1 page

    Economics 1 Instructions

    Uploaded by

    Super Duper
    The document contains a table showing the supply and demand schedules for good A at different price points, ranging from $3000 to $500. It also includes a demand table for good B. The market equilibrium price for good A is $2000, with an equilibrium quantity of 6500 units. If the price of good A is fixed at $1500, 8000 units will be sold. If fixed at $2500, the price is above the equilibrium so there would be a surplus. Demand appears to be more elastic for good B, as a larger change in quantity is observed for a given change in price.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
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    1.

    The next table represents supply and demand for good A

    Price Demand Supply

    $3000 5000 10000

    $2500 5500 7000

    $2000 6500 6500

    $1500 8000 6000

    $1000 10000 5000

    $500 13000 4000

    a) What is the market equilibrium price and quantity for good A?

    b) What happens if the price for good A is fixed at $1500? How many units will be sold?

    c) What happens if the price is fixed at $2500?

    d) The next table represents demand for good B. For which product demand is more elastic?

    Price Demand

    $3000 6300

    $2500 6400

    $2000 6500

    $1500 6600

    $1000 6700

    $500 6800

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