67365500925 1 10007362559&el5BN-9781337096577&id- MINDTAP Q search this course D

Question

67365500925 1 10007362559&el5BN-9781337096577&id- MINDTAP Q search this course Dimitra Homawork(Ch 04) Back to aignm Kcep the Highest2 he following graph shows the monthly demand and supply ve in the market for calendars Use the graf mut too co frelgy youw answer the foilong quesbons Enter an amount no the Pr e to see the quany emnue an uanuty Graph Input Tool Markat for Calendars Price 24 Suzp 500 Quantity Supplia A-Z ner caondar, and the quibrium q.antty i calendars beught and oper month. O lype hene to search

Explanation / Answer

Answer

We can see from the demand curve (Blue line) that at P = 24 Quantity demanded = 500 and from Supply curve (Orange line) that at P = 24 Quantity Supplied = 150. As quantity demand is greater than quantity supplied hence there is a shortage.

Market is in equilibrium when Demand Curve and supply curve intersect. We can see from the graph that Demand Curve (Blue Line) intersects Supply Curve (Orange Line) when Price = 40 and Quantity = 250.

Hence,Equilinrium Price in the markey is $40 and Equilibrium quantity in the market is 250 calenders bought and sold per month

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