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) $35 1,000 8,500 30 2,000 7,000 25 3,000 5,500 20 4,000 4,000 15 5,000 2,500 10 6,000 1,000 Instructions: Enter your answers as a whole number. a. If the price is $15 per bottle, how many bottles of sunscreen are demanded and supplied? Qd = bottles Qs = bottles In this case, there would be (Click to select) downward upward no pressure on the price. b. What is the equilibrium price and quantity in the market for sunscreen? P = $ Q = bottles
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) $35 1,000 8,500 30 2,000 7,000 25 3,000 5,500 20 4,000 4,000 15 5,000 2,500 10 6,000 1,000 Instructions: Enter your answers as a whole number. a. If the price is $15 per bottle, how many bottles of sunscreen are demanded and supplied? Qd = bottles Qs = bottles In this case, there would be (Click to select) downward upward no pressure on the price. b. What is the equilibrium price and quantity in the market for sunscreen? P = $ Q = bottles
Chapter4: Supply And Demand: An Initial Look
Section: Chapter Questions
Problem 1DQ
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Question
The
Market for Sunscreen
Quantity of Sunscreen Demanded (bottles) | Quantity of Sunscreen Supplied (bottles) | |
$35 | 1,000 | 8,500 |
30 | 2,000 | 7,000 |
25 | 3,000 | 5,500 |
20 | 4,000 | 4,000 |
15 | 5,000 | 2,500 |
10 | 6,000 | 1,000 |
Instructions: Enter your answers as a whole number.
a. If the price is $15 per bottle, how many bottles of sunscreen are demanded and supplied?
Qd = bottles
Qs = bottles
In this case, there would be (Click to select) downward upward no pressure on the price.
b. What is the
P = $
Q = bottles
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