he Market Forces of Supply and Demand (Mobile-Enabled) aded Assignment | Read Ch

Question

he Market Forces of Supply and Demand (Mobile-Enabled) aded Assignment | Read Chapter41 Back to Assignment Due Wednesday 0926.18 at 033 Attempts Do No Harm: 12. Market equilibrium and disequilibrium The following graph shows the monthly demand and supply curves in the market for hats cuantot edet and quandoty the gragh inout tool bo helo you answer the following questions. Enter an amount into the Price field to see the quantity supplied at that price. You will not be graded on any changes you make to this graph Graph Input Tool Market for Hats Price 500uentity Supplied The eu rice in this market is hats bought and

Explanation / Answer

a) The equilibrium price in the market is 40 and the equilibrium quantity is 250.

b) At the price of 32 the supply will be 125 and the demand will be 375. There will be a shortage of 250. pressure upward

c) At the price of 48 the supply will be 375 and the demand will be 125. There will be a surplus of 250. The pressure will be downward.

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