$$\begin{array} { | l | l | l | }
\hline \begin{array} { l }
\text { Price } \
\text { (dollars per } \
\text { pound) }
\end{array} & \begin{array} { l }
\text { Quantity } \
\text { supplied } \
\text { (pounds) }
\end{array} & \begin{array} { l }
\text { Quantity } \
\text { demanded } \
\text { (pounds) }
\end{array} \
\hline 3 & 1 & 7 \
\hline 4 & 2 & 5 \
\hline 5 & 4 & 4 \
\hline 6 & 5 & 2 \
\hline 7 & 6 & 1 \
\hline
\end{array}$$
-The above table shows the demand schedule and supply schedule for chocolate chip cookies. What is the equilibrium quantity and equilibrium price for chocolate chip cookies?

Question

$$\begin{array} { | l | l | l | } 
\hline \begin{array} { l } 
\text { Price } \
\text { (dollars per } \
\text { pound) }
\end{array} & \begin{array} { l } 
\text { Quantity } \
\text { supplied } \
\text { (pounds) }
\end{array} & \begin{array} { l } 
\text { Quantity } \
\text { demanded } \
\text { (pounds) }
\end{array} \
\hline 3 & 1 & 7 \
\hline 4 & 2 & 5 \
\hline 5 & 4 & 4 \
\hline 6 & 5 & 2 \
\hline 7 & 6 & 1 \
\hline
\end{array}$$
-The above table shows the demand schedule and supply schedule for chocolate chip cookies. What is the equilibrium quantity and equilibrium price for chocolate chip cookies?

Quizplus · Accepted Answer

The equilibrium quantity is the quantity at which the quantity supplied equals the quantity demanded. In this case, the equilibrium quantity is 4 pounds. The equilibrium price is the price at which the quantity supplied equals the quantity demanded. In this case, the equilibrium price is $5.00 per pound.

-The Above Table Shows the Demand Schedule and Supply Schedule