ECON 10223 Lecture 6: Demand and Supply applications

three applications of supply demand and elasticity

Supply Price of X -- --- IT Demand 01 02 03 04 05 Quantity of x FIGURE 3-3 in the market and pressure for price to 8) Refer to Figure 3-3. At a price of P3 there is be excess A) supply; fall B) supply; rise. C) demand; fall D) demand; rise E) demand; remain unchanged

Supply Price of X -- -- X LILI TTT! Demand 01 02 03 04 05 Quantity of X FIGURE 3-3 10) Refer to Figure 3-3. At a price of P3 there is in the market for X and pressure for the price to A) excess supply; fall B) excess supply, rise C) excess demand; fall D) excess demand; rise E) neither excess supply or demand; remain at P3