2018 10:59 PM 4 13.5/30 -Print n 17 of 30 Calculator Penodic Table Ma Below are

Question

2018 10:59 PM 4 13.5/30 -Print n 17 of 30 Calculator Penodic Table Ma Below are supply and demand schedules for calzones at a local pizzeria. Use the information in these tables answer the following five questions. Demand 204 60 80 100 20 140160 180 200 20 130 140 150 160 170 180 190 1100 1110 4. At a price of $15, there is a 1. What is the equiibrium price? surplrs of how many calzones?90 5. At a price of $12 there is a shortage of how many 2. At what price is there a shortage of 60 calzones? in there a divider bar again to tide the hint MacBook Air F11 F10 11 f8 F9 F7 FS F4

Explanation / Answer

Ans:

Equilibrium price is where quantity demanded is equal to quantity supplied.

Shortage occurs when quantity demanded is greater than quantity supplied.

Surplus occurs when quantity supplied is greater than quantity demanded.

1) equilibrium price = $12

2) price = $10

3) price = $14

4) surplus = 110 - 20

= 90

5) shortage = 80 - 80

= 0

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