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Problem Set 1

Problem Set 1

Q Price Quantity Demanded Quantity Supplied $100 10 25 $80 20 20 $60 30 15 $40 40 10 $20 50 5 $0 60 0 (WLO 1.4) Q.1) a. At which price is quantity supplied equal to 10? b. At which price is quantity demanded equal to 10?c. At which price are quantities demanded and quantities supplied the same?d. At which price is the quantity demanded less than the quantity supplied? What is the size of the surplus?e. At a price of $20 we see that the quantity demanded is greater than the quantity supplied. This represents a shortage. What is the size of the shortage? Q.2) a. At what price is quantity demanded equal to 2000? b. At what price is quantity demanded equal to zero?

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According to the table and the information given, the price at which quantity supplied is equal to 10 is $40.According to the table and the information given, the price at which quantity demanded is equal to 10 is $100.According to the table and the information given, the price at which the quantities demanded, and quantities supplied are the same is $80, the equilibrium price.According to the table and the information given, the price at which the quantity demanded is less than the quantity supplied is $100. The size of the surplus is (The quantity supplied - The quantity demanded) = 25 – 10 = 15 units.