The following data shows the weekly demand and supply of strawberries at the local grocery store.
(i) What is the equilibrium price per pound of strawberries?
(ii) What is the equilibrium quantity of strawberries?
(iii) At the price of $2.49 per pound, is there a shortage or a surplus of strawberries, and what is the amount of the shortage or surplus?
(iv) At the price of $4.99 per pound, is there a shortage or a surplus of strawberries, and what is the amount of the shortage or surplus?
$$\begin{array} { | l | l | l | }
\hline \begin{array} { l }
\text { Price per Pound } \
\text { of Strawberries }
\end{array} & \begin{array} { l }
\text { Quantity } \
\text { Demanded } \
\text { (pounds) }
\end{array} & \begin{array} { l }
\text { Quantity } \
\text { Supplied } \
\text { (pounds) }
\end{array} \
\hline \$ 2.49 & 700 & 650 \
\hline \$ 2.99 & 670 & 670 \
\hline \$ 3.49 & 640 & 690 \
\hline \$ 3.99 & 610 & 710 \
\hline \$ 4.49 & 580 & 730 \
\hline \$ 4.99 & 550 & 750 \
\hline
\end{array}$$

Question

The following data shows the weekly demand and supply of strawberries at the local grocery store.
(i) What is the equilibrium price per pound of strawberries?
(ii) What is the equilibrium quantity of strawberries?
(iii) At the price of $2.49 per pound, is there a shortage or a surplus of strawberries, and what is the amount of the shortage or surplus?
(iv) At the price of $4.99 per pound, is there a shortage or a surplus of strawberries, and what is the amount of the shortage or surplus?
 $$\begin{array} { | l | l | l | } 
\hline \begin{array} { l } 
\text { Price per Pound } \
\text { of Strawberries }
\end{array} & \begin{array} { l } 
\text { Quantity } \
\text { Demanded } \
\text { (pounds) }
\end{array} & \begin{array} { l } 
\text { Quantity } \
\text { Supplied } \
\text { (pounds) }
\end{array} \
\hline \$ 2.49 & 700 & 650 \
\hline \$ 2.99 & 670 & 670 \
\hline \$ 3.49 & 640 & 690 \
\hline \$ 3.99 & 610 & 710 \
\hline \$ 4.49 & 580 & 730 \
\hline \$ 4.99 & 550 & 750 \
\hline
\end{array}$$

Quizplus · Accepted Answer

The Answer of The following data shows the weekly demand and supply of strawberries at the local grocery store.
(i) What is the equilibrium price per pound of strawberries?
(ii) What is the equilibrium quantity of strawberries?
(iii) At the price of $2.49 per pound, is there a shortage or a surplus of strawberries, and what is the amount of the shortage or surplus?
(iv) At the price of $4.99 per pound, is there a shortage or a surplus of strawberries, and what is the amount of the shortage or surplus?
 $$\begin{array} { | l | l | l | } 
\hline \begin{array} { l } 
\text { Price per Pound } \
\text { of Strawberries }
\end{array} & \begin{array} { l } 
\text { Quantity } \
\text { Demanded } \
\text { (pounds) }
\end{array} & \begin{array} { l } 
\text { Quantity } \
\text { Supplied } \
\text { (pounds) }
\end{array} \
\hline \$ 2.49 & 700 & 650 \
\hline \$ 2.99 & 670 & 670 \
\hline \$ 3.49 & 640 & 690 \
\hline \$ 3.99 & 610 & 710 \
\hline \$ 4.49 & 580 & 730 \
\hline \$ 4.99 & 550 & 750 \
\hline
\end{array}$$

The Following Data Shows the Weekly Demand and Supply of Strawberries