small beach are shown below. Market for Sunscreen Price (dollars per bottle)    Quantity of Sunscreen Demanded (bottles)    Quantity of Sunscreen Supplied (bottles)  $30                                                    1,400                                                     8,900  25                                                     2,400                                                     7,400  20                                                     3,400                                                     5,900 15                                                      4,400                                                     4,400 10                                                      5,400                                                     2,900 5                                                        6,400                                                     1,400 Instructions: Enter your answers as a whole number.                  a. If the price is $25 per bottle, how many bottles of sunscreen are demanded and supplied in equilibrium?     Qd = ______ bottles     Qs = ______ bottles     In this case, there would be ___

Survey Of Economics
10th Edition
ISBN:9781337111522
Author:Tucker, Irvin B.
Publisher:Tucker, Irvin B.
Chapter5: Price Elasticity Of Demand And Supply
Section: Chapter Questions
Problem 3SQP
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The demand and supply schedules for sunscreen at a small beach are shown below.

Market for Sunscreen

Price (dollars per bottle)    Quantity of Sunscreen Demanded (bottles)    Quantity of Sunscreen Supplied (bottles) 

$30                                                    1,400                                                     8,900

 25                                                     2,400                                                     7,400

 20                                                     3,400                                                     5,900

15                                                      4,400                                                     4,400

10                                                      5,400                                                     2,900

5                                                        6,400                                                     1,400

Instructions: Enter your answers as a whole number.

                

a. If the price is $25 per bottle, how many bottles of sunscreen are demanded and supplied in equilibrium?

    Qd = ______ bottles

    Qs = ______ bottles

    In this case, there would be ________ (no, downward, upward) pressure on the price.

b. What is the equilibrium price and quantity in the market for sunscreen?

    P = $_______

    Q = ________ bottles

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