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

MACROECONOMICS
14th Edition
ISBN:9781337794985
Author:Baumol
Publisher:Baumol
Chapter4: Supply And Demand: An Initial Look
Section: Chapter Questions
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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)
$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

 
 
 
 
 
 
 
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