Draw the corresponding supply and demand curves

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Assume the following information for the demand and supply schedules for Good Z.

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a. Draw the corresponding supply and demand curves.

b. What is the equilibrium price per unit and quantity traded?

c. If the price was $9, would there be a shortage or a surplus? How large?

d. If the price was $3, would there be a shortage or a surplus? How large?

e. If the demand for Z increased by 15 units at every price, what would be the new equilibrium price and quantity traded?

f. Given the original demand for Z, if the supply of Z was increased by 15 units at every price, what would be the new equilibrium price and quantity traded?

Reference no: EM131430803

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