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Quantity demanded per day quantity supplied

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Reference no: EM131901775

The table below shows the demand and supply schedules for applesauce.

Observe the data and answer the questions that follow.

Price per 6 oz cup Quantity Demanded per day Quantity Supplied

per day $ .50 400 220 $ .69 375 260 $ .75 310 310 $ .90 250 340 $1.10 200 390 $1.29 150 460 a. The equilibrium price is _____________

b. If the price per cup is $ .50, there will be a surplus or shortage? __________

c. If the price per cup is $ 1.10, the amount of the surplus will be ___________

d. If the price should fall from $ .90 to $ .75, __________ will rise and ______ will fall. (Select answers from: Demand, Supply, Quantity Demanded, Quantity Supplied)

e. If consumer income rises, _____________ will rise at every possible price. (Select answers from: Demand, Supply, Quantity Demanded, Quantity Supplied)

f. The number of firms producing dog food falls, _______________will fall at every possible price. (Select answer from: Demand, Supply, Quantity Demanded, Quantity Supplied)

Reference no: EM131901775

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