The numbers in the table below characterize the market for raccoon skins in Minnesota during the 2010-2011 trapping season. The demand schedule that prevailed in November and December of 2010 is denoted by "Original Quantity Demanded," and the demand schedule that prevailed from late January onward is denoted by "Quantity Demanded-Late January."

-Refer to the table above.The original equilibrium price is ________ per skin and the original equilibrium quantity is ________ skins.

Question

The numbers in the table below characterize the market for raccoon skins in Minnesota during the 2010-2011 trapping season. The demand schedule that prevailed in November and December of 2010 is denoted by "Original Quantity Demanded," and the demand schedule that prevailed from late January onward is denoted by "Quantity Demanded-Late January."
 
-Refer to the table above.The original equilibrium price is ________ per skin and the original equilibrium quantity is ________ skins.

Quizplus · Accepted Answer

To find the original equilibrium price and quantity, we need to look at the "Original Quantity Demanded" column. At a price of $20 per skin, the quantity demanded is 300, which is equal to the quantity supplied. Therefore, the original equilibrium price is $20 per skin, and the original equilibrium quantity is 300 skins.

The Numbers in the Table Below Characterize the Market for Raccoon