This table gives the demand and supply schedule for gadgets The equilibrium price in this market is $ The equilirium price in this market is Units if the price in this market is $20 there would be a (shortage or surplus) or ___ units Price Quantity demanded Quantity Supplied 25 163 220 20 167 205 15 171 190 10 175 175 5 179 160
This table gives the demand and supply schedule for gadgets The equilibrium price in this market is $ The equilirium price in this market is Units if the price in this market is $20 there would be a (shortage or surplus) or ___ units Price Quantity demanded Quantity Supplied 25 163 220 20 167 205 15 171 190 10 175 175 5 179 160
Chapter4: Demand, Supply, And Market Equilibrium
Section: Chapter Questions
Problem 21P
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Question
This table gives the demand and supply schedule for gadgets
The
The equilirium price in this market is Units
if the price in this market is $20 there would be a (shortage or surplus) or ___ units
| Price | Quantity demanded | Quantity Supplied |
| 25 | 163 | 220 |
| 20 | 167 | 205 |
| 15 | 171 | 190 |
| 10 | 175 | 175 |
| 5 | 179 | 160 |
Expert Solution
Step 1
The equilibrium price is when quantity demand is equal to the quantity demanded. This is$5.
The equilibrium quantity is when quantity demand is equal to the quantity demanded. This is 175 units.
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