a) Given the table below, graph the demand and supply curves for flashlights. Make certain to label the equilibrium price and equilibrium quantity.
$\begin{array}{|c|c|c|}
\hline \text { Price } & \begin{array}{c}
\text { Quantity Demanded } \
\text { Per Month }
\end{array} & \begin{array}{c}
\text { Quantity Supplied } \
\text { Per Month }
\end{array} \
\hline \text { R50 } & 6000 & 10000 \
\hline \text { R40 } & 8000 & 8000 \
\hline \text { R30 } & 10000 & 6000 \
\hline \text { R20 } & 12000 & 4000 \
\hline \text { R10 } & 14000 & 2000 \
\hline
\end{array}$ b) What is the equilibrium price and the equilibrium quantity?
c) Suppose the price is currently R50. What problem would exist in the market? What would you expect to happen to price? Show this on your graph.
d) Suppose the price is currently R20. What problem would exist in the market? What would you expect to happen to price? Show this on your graph.

Question

a) Given the table below, graph the demand and supply curves for flashlights. Make certain to label the equilibrium price and equilibrium quantity.
 $\begin{array}{|c|c|c|}
\hline \text { Price } & \begin{array}{c}
\text { Quantity Demanded } \
\text { Per Month }
\end{array} & \begin{array}{c}
\text { Quantity Supplied } \
\text { Per Month }
\end{array} \
\hline \text { R50 } & 6000 & 10000 \
\hline \text { R40 } & 8000 & 8000 \
\hline \text { R30 } & 10000 & 6000 \
\hline \text { R20 } & 12000 & 4000 \
\hline \text { R10 } & 14000 & 2000 \
\hline
\end{array}$ b) What is the equilibrium price and the equilibrium quantity?
c) Suppose the price is currently R50. What problem would exist in the market? What would you expect to happen to price? Show this on your graph.
d) Suppose the price is currently R20. What problem would exist in the market? What would you expect to happen to price? Show this on your graph.

Quizplus · Accepted Answer

The Answer of a) Given the table below, graph the demand and supply curves for flashlights. Make certain to label the equilibrium price and equilibrium quantity.
 $\begin{array}{|c|c|c|}
\hline \text { Price } & \begin{array}{c}
\text { Quantity Demanded } \
\text { Per Month }
\end{array} & \begin{array}{c}
\text { Quantity Supplied } \
\text { Per Month }
\end{array} \
\hline \text { R50 } & 6000 & 10000 \
\hline \text { R40 } & 8000 & 8000 \
\hline \text { R30 } & 10000 & 6000 \
\hline \text { R20 } & 12000 & 4000 \
\hline \text { R10 } & 14000 & 2000 \
\hline
\end{array}$ b) What is the equilibrium price and the equilibrium quantity?
c) Suppose the price is currently R50. What problem would exist in the market? What would you expect to happen to price? Show this on your graph.
d) Suppose the price is currently R20. What problem would exist in the market? What would you expect to happen to price? Show this on your graph.

A) Given the Table Below, Graph the Demand and Supply