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What is market clearing price and equilibrium quantity

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Question

1. Graph the supply and demand curves from the table. P($) Qd Qs 6.00 130 100 6.50 120 120 7.00 110 140 7.50 100 160 8 90 180 8.5 80 200 9 70 220.

2. What is the market clearing price?

3. What is the equilibrium quantity?

4. When the price is $8.00 is there a surplus or shortage and how much is it?

5. List 3 things that could cause in increase in the Demand for Celtics tickets.

6. List 3 things that could cause a decrease in the Supply of gasoline.

7. If the market for pasta is in equilibrium when the price of semolina flour, an ingredient of pasta, increases, how would that affect the equilibrium price and quantity (it is helpfid to sketch the graph, then move the appropriate curve to compare the initial and final equilibrium).

8. If the market for beach towels is in equilibrium when an unusual weather pattern results in unusually cold and rainy weather for an entire month, how would that affect the equilibrium price and quantity?

Reference no: EM133462087

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