The table below displays hypothetical demand and supply schedules for the market for overnight parcel deliveries in Canada. $$\begin{array} { | c | c | c | c | c | c | }
\hline & \begin{array} { c }
\text { Quantity } \
\text { Demanded } \
\text { (millions) }
\end{array} && & \begin{array} { c }
\text { Quantity } \
\text { Supplied } \
\text { (millions) }
\end{array} & \
\hline \text { Price (\$) } & \text { Year 1 } & \text { Year 2 } & & \text { Year 1 } & \text { Year 2 } \
\hline & & & & & \
\hline 30 & 80 & 95 & & 140 & 125 \
\hline 26 & 90 & 105 & & 135 & 120 \
\hline 22 & 100 & 115 & & 130 & 115 \
\hline 18 & 110 & 125 & & 125 & 110 \
\hline 14 & 120 & 135 & & 120 & 105 \
\hline 10 & 130 & 145 & & 115 & 100 \
\hline
\end{array}$$ TABLE 3- 3
-Refer to Table 3- 3.The equilibrium price and quantity for overnight parcel delivery in Year 1 is and million parcels.

Question

The table below displays hypothetical demand and supply schedules for the market for overnight parcel deliveries in Canada. $$\begin{array} { | c | c | c | c | c | c | } 
\hline & \begin{array} { c } 
\text { Quantity } \
\text { Demanded } \
\text { (millions) }
\end{array} && & \begin{array} { c } 
\text { Quantity } \
\text { Supplied } \
\text { (millions) }
\end{array} & \
\hline \text { Price (\$) } & \text { Year 1 } & \text { Year 2 } & & \text { Year 1 } & \text { Year 2 } \
\hline & & & & & \
\hline 30 & 80 & 95 & & 140 & 125 \
\hline 26 & 90 & 105 & & 135 & 120 \
\hline 22 & 100 & 115 & & 130 & 115 \
\hline 18 & 110 & 125 & & 125 & 110 \
\hline 14 & 120 & 135 & & 120 & 105 \
\hline 10 & 130 & 145 & & 115 & 100 \
\hline
\end{array}$$ TABLE 3- 3
-Refer to Table 3- 3.The equilibrium price and quantity for overnight parcel delivery in Year 1 is and million parcels.

Quizplus · Accepted Answer

The equilibrium price and quantity occur where quantity demanded equals quantity supplied. In Year 1, at a price of $14, both the quantity demanded and supplied are 120 million parcels.

The Table Below Displays Hypothetical Demand and Supply Schedules for the Market