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Given the Demand and Supply schedule for hoverboards Price Qty Demanded Qty Supplied 1000 100 10000 800 1000 9000 600 2000 8000 400 5000 5000 200 8000 2000 0 12000 0 a What is the equilibrium Price

Given the Demand and Supply schedule for hoverboards: Price Qty Demanded Qty Supplied 1000 100 10000 800 1000 9000 600 2000 8000 400 5000 5000 200 8000 2000 0 12000 0 a. What is the equilibrium Price and Quantity? b. Demonstrate and explain equilibrium. c. Include Shortage and Surplus in your answer. d. The hoverboard is becoming a very popular product, assume more children and young adults want the hoverboard- demonstrate and explain what happens to equilibrium price and quantity. e. What determinant of supply or demand has changed? f. Explain what will happen if the price remains at $400 what will happen to the market? g. Explain the price mechanism, in other words how and why does the price change? h. What economic principles are at work?

Jun 03 2020 View more View Less

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