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13 Dec 2019

Suppose that in a recent market period, the following relationship existed betwen the price of tablet devices and the quantity supplied and quantity demanded.

Price: Quantity Demanded: Quantity Supplied:

390 100 million 40 million

400 90 milion 60 million

410 80 million 80 million

420 70 million 100 million

430 60 million 120 million

Graph the supply and demand curves for the tablet devices using the information in the table. What are the equilibrium price and quantity? If the industry price is $400, is there a shortage or surplus of tablet devices? How much is the shortage or surplus?

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Keith Leannon
Keith LeannonLv2
16 Dec 2019
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Related questions

QD = Quantity Demanded QS = Quantity Supplied P = Price

1. If QD = 390 – 2P AND QS = -60 + 3P, find the equilibrium price and quantity.

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