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$5 6000 10000 $4 8000 8000 $3 10000 6000 $2 12000 4000 $1 14000 2000 What are the equilibrium price and the equilibrium quantity Suppose the price is currently $5 Explain what

$5 6,000 10,000

$4 8,000 8,000

$3 10,000 6,000

$2 12,000 4,000

$1 14,000 2,000

a. What are the equilibrium price and the equilibrium quantity?

b. Suppose the price is currently $5. Explain what problem would exist in the market and calculate the size of that problem. What would you expect to happen to price?

 

 

c. Suppose the price is currently $2. Explain what problem would exist in the market and calculate the size of the problem. What would you expect to happen to price?

Apr 11 2020 View more View Less

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