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the following graph shows the monthly demand and supply curves in the market for hats.

 

 

What is the equilibrium price and quantity? 

Shortage or surplus at price $32 and $48? 

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Darryn D'Souza
Darryn D'SouzaLv10
8 Sep 2020

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Related questions

The following graph shows the monthly demand and supply curves in the market for hats. What is the equilibrium quantity and price?

The following graph shows the monthly demand and supply curves in the market for teapots.
 

Use the graph input tool to help you answer the following questions. Enter an amount into the Price field to see the quantity demanded and quantity supplied at that price. 

The equilibrium price in this market is $_____ per teapot and the equilibrium quantity is _____ teapots bought and sold per month.

Complete the following table by indicating at each price whether there is a shortage or surplus in the market, the amount of that shortage or surplus, and whether this places upward and downward pressures on prices.

Price ($ per teapot) Shortage / Surplus Shortage or surplus amount (teapots) Pressure
60      
40      

 

Market equilibrium and disequilibrium

The following graph shows the monthly demand and supply curves in the market for shirts.

Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph.

The equilibrium price in this market is ........ per shirt, and the equilibrium quantity is........ shirts bought and sold per month.

Complete the following table by indicating at each price whether there is a shortage or surplus in the market, the amount of that shortage or surplus, and whether this places upward or downward pressure on prices.

            Price              Shortage or Surplus        Shortage or Surplus Amount       Downward/Upward 

     (Dollars per shirt)                                                    (Shirts)       

          40                        ...........                               ..........                                 ............

          60                        ...........                               ..........                                 ............

 

 

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