The following data shows the monthly demand and supply of wild-caught fish from the seafood market.
(i) What is the equilibrium price per pound of wild-caught fish?
(ii) What is the equilibrium quantity of wild-caught fish?
(iii) At the price of $5.99 per pound, is there a shortage or a surplus of wild-caught fish, and what is the amount of the shortage or surplus?
(iv) At the price of $11.99 per pound, is there a shortage or a surplus of wild-caught fish, and what is the amount of the shortage or surplus?
$$\begin{array} { | l | l | l | }
\hline \begin{array} { l }
\text { Price per Pound } \
\text { of Wild-Caught } \
\text { Fish }
\end{array} & \begin{array} { l }
\text { Quantity } \
\text { Demanded } \
\text { (pounds) }
\end{array} & \begin{array} { l }
\text { Quantity } \
\text { Supplied } \
\text { (pounds) }
\end{array} \
\hline \$ 5.99 & 1,550 & 550 \
\hline \$ 6.99 & 1,450 & 700 \
\hline \$ 7.99 & 1,350 & 850 \
\hline \$ 8.99 & 1,250 & 1,000 \
\hline \$ 9.99 & 1,150 & 1,150 \
\hline \$ 10.99 & 1,050 & 1,300 \
\hline \$ 11.99 & 950 & 1,450 \
\hline \$ 12.99 & 850 & 1,600 \
\hline
\end{array}$$

Question

The following data shows the monthly demand and supply of wild-caught fish from the seafood market.
(i) What is the equilibrium price per pound of wild-caught fish?
(ii) What is the equilibrium quantity of wild-caught fish?
(iii) At the price of $5.99 per pound, is there a shortage or a surplus of wild-caught fish, and what is the amount of the shortage or surplus?
(iv) At the price of $11.99 per pound, is there a shortage or a surplus of wild-caught fish, and what is the amount of the shortage or surplus?
 $$\begin{array} { | l | l | l | } 
\hline \begin{array} { l } 
\text { Price per Pound } \
\text { of Wild-Caught } \
\text { Fish }
\end{array} & \begin{array} { l } 
\text { Quantity } \
\text { Demanded } \
\text { (pounds) }
\end{array} & \begin{array} { l } 
\text { Quantity } \
\text { Supplied } \
\text { (pounds) }
\end{array} \
\hline \$ 5.99 & 1,550 & 550 \
\hline \$ 6.99 & 1,450 & 700 \
\hline \$ 7.99 & 1,350 & 850 \
\hline \$ 8.99 & 1,250 & 1,000 \
\hline \$ 9.99 & 1,150 & 1,150 \
\hline \$ 10.99 & 1,050 & 1,300 \
\hline \$ 11.99 & 950 & 1,450 \
\hline \$ 12.99 & 850 & 1,600 \
\hline
\end{array}$$

Quizplus · Accepted Answer

The Answer of The following data shows the monthly demand and supply of wild-caught fish from the seafood market.
(i) What is the equilibrium price per pound of wild-caught fish?
(ii) What is the equilibrium quantity of wild-caught fish?
(iii) At the price of $5.99 per pound, is there a shortage or a surplus of wild-caught fish, and what is the amount of the shortage or surplus?
(iv) At the price of $11.99 per pound, is there a shortage or a surplus of wild-caught fish, and what is the amount of the shortage or surplus?
 $$\begin{array} { | l | l | l | } 
\hline \begin{array} { l } 
\text { Price per Pound } \
\text { of Wild-Caught } \
\text { Fish }
\end{array} & \begin{array} { l } 
\text { Quantity } \
\text { Demanded } \
\text { (pounds) }
\end{array} & \begin{array} { l } 
\text { Quantity } \
\text { Supplied } \
\text { (pounds) }
\end{array} \
\hline \$ 5.99 & 1,550 & 550 \
\hline \$ 6.99 & 1,450 & 700 \
\hline \$ 7.99 & 1,350 & 850 \
\hline \$ 8.99 & 1,250 & 1,000 \
\hline \$ 9.99 & 1,150 & 1,150 \
\hline \$ 10.99 & 1,050 & 1,300 \
\hline \$ 11.99 & 950 & 1,450 \
\hline \$ 12.99 & 850 & 1,600 \
\hline
\end{array}$$

The Following Data Shows the Monthly Demand and Supply of Wild-Caught