use the graph and put tool to help you answer the following questions and turn a

Question

use the graph and put tool to help you answer the following questions and turn amount into the price field to see the quantity demand it in the quantity supplied at the price 5% MINDTAP Homework (Ch 04) Market for Hats Price (Dollars per hat) Quantity Supplied (Hats) 0 50 100 150 250 400 450 QUANTITY Hats) The equlbrium price in this market per hat, and the equibrium quantity is hats bought and sold per month. Complete the following tabie by indicating at each price whether there is a shortage or surplus in the market, the amount of that and whether this places upward or downward pressure on prices P11 4 0

Explanation / Answer

Equilibrium means Demand=Supply.

The equlliequil point is point of intersection of demand and supply curves i.e (250,$40) in given graph..

Therefore the equilibrium price in this market is $40 per hat and the equilibrium quantity is 250 hats bought and sold per month.

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