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example 3 Market Equilibrium Chapter 2.3 Suppose the daily demand for a product is given by, where q is the number of units demanded and p is the price per unit in dollars, and that the daily supply is given by, where q is the number of units supplied and p is the price per unit in dollars. a.If the price is $140, how many units are supplied and how many are demanded? b.Does this price give a surplus or a shortfall of the product? c.What price gives market equilibrium? 2009 PBLPathways

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Suppose the daily demand for a product is given by, where q is the number of units demanded and p is the price per unit in dollars, and that the daily supply is given by, where q is the number of units supplied and p is the price per unit in dollars. a.If the price is $140, how many units are supplied and how many are demanded? b.Does this price give a surplus or a shortfall of the product? c.What price gives market equilibrium?

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2009 PBLPathways a.If the price is $140, how many units are supplied and how many are demanded? Suppose the daily demand for a product is given by, where q is the number of units demanded and p is the price per unit in dollars, and that the daily supply is given by, where q is the number of units supplied and p is the price per unit in dollars.

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2009 PBLPathways Demand function: Supply function: price per unit quantity of units a.If the price is $140, how many units are supplied and how many are demanded? Suppose the daily demand for a product is given by, where q is the number of units demanded and p is the price per unit in dollars, and that the daily supply is given by, where q is the number of units supplied and p is the price per unit in dollars.

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2009 PBLPathways Demand function: Supply function: price per unit quantity of units a.If the price is $140, how many units are supplied and how many are demanded? Suppose the daily demand for a product is given by, where q is the number of units demanded and p is the price per unit in dollars, and that the daily supply is given by, where q is the number of units supplied and p is the price per unit in dollars.

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2009 PBLPathways Demand function: Supply function: price per unit quantity of units a.If the price is $140, how many units are supplied and how many are demanded? Suppose the daily demand for a product is given by, where q is the number of units demanded and p is the price per unit in dollars, and that the daily supply is given by, where q is the number of units supplied and p is the price per unit in dollars.

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2009 PBLPathways Demand function: Supply function: price per unit quantity of units a.If the price is $140, how many units are supplied and how many are demanded? Suppose the daily demand for a product is given by, where q is the number of units demanded and p is the price per unit in dollars, and that the daily supply is given by, where q is the number of units supplied and p is the price per unit in dollars.

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2009 PBLPathways Demand function: Supply function: price per unit quantity of units a.If the price is $140, how many units are supplied and how many are demanded? Suppose the daily demand for a product is given by, where q is the number of units demanded and p is the price per unit in dollars, and that the daily supply is given by, where q is the number of units supplied and p is the price per unit in dollars.

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2009 PBLPathways Demand function: Supply function: price per unit quantity of units a.If the price is $140, how many units are supplied and how many are demanded? Suppose the daily demand for a product is given by, where q is the number of units demanded and p is the price per unit in dollars, and that the daily supply is given by, where q is the number of units supplied and p is the price per unit in dollars.

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2009 PBLPathways Demand function: Supply function: price per unit quantity of units a.If the price is $140, how many units are supplied and how many are demanded? Suppose the daily demand for a product is given by, where q is the number of units demanded and p is the price per unit in dollars, and that the daily supply is given by, where q is the number of units supplied and p is the price per unit in dollars.

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2009 PBLPathways Demand function: Supply function: price per unit quantity of units a.If the price is $140, how many units are supplied and how many are demanded? Suppose the daily demand for a product is given by, where q is the number of units demanded and p is the price per unit in dollars, and that the daily supply is given by, where q is the number of units supplied and p is the price per unit in dollars.

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2009 PBLPathways Demand function: Supply function: price per unit quantity of units a.If the price is $140, how many units are supplied and how many are demanded? Suppose the daily demand for a product is given by, where q is the number of units demanded and p is the price per unit in dollars, and that the daily supply is given by, where q is the number of units supplied and p is the price per unit in dollars.

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2009 PBLPathways Demand function: Supply function: price per unit quantity of units a.If the price is $140, how many units are supplied and how many are demanded? Suppose the daily demand for a product is given by, where q is the number of units demanded and p is the price per unit in dollars, and that the daily supply is given by, where q is the number of units supplied and p is the price per unit in dollars.

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2009 PBLPathways b.Does this price give a surplus or a shortfall of the product? Demand function: Supply function: price per unit quantity of units Suppose the daily demand for a product is given by, where q is the number of units demanded and p is the price per unit in dollars, and that the daily supply is given by, where q is the number of units supplied and p is the price per unit in dollars.

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2009 PBLPathways Demand function: Supply function: price per unit quantity of units b.Does this price give a surplus or a shortfall of the product? Suppose the daily demand for a product is given by, where q is the number of units demanded and p is the price per unit in dollars, and that the daily supply is given by, where q is the number of units supplied and p is the price per unit in dollars.

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2009 PBLPathways c.What price gives market equilibrium? Suppose the daily demand for a product is given by, where q is the number of units demanded and p is the price per unit in dollars, and that the daily supply is given by, where q is the number of units supplied and p is the price per unit in dollars.

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2009 PBLPathways c.What price gives market equilibrium? Suppose the daily demand for a product is given by, where q is the number of units demanded and p is the price per unit in dollars, and that the daily supply is given by, where q is the number of units supplied and p is the price per unit in dollars.

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2009 PBLPathways c.What price gives market equilibrium? Suppose the daily demand for a product is given by, where q is the number of units demanded and p is the price per unit in dollars, and that the daily supply is given by, where q is the number of units supplied and p is the price per unit in dollars.

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2009 PBLPathways (20,160) Demand Supply c.What price gives market equilibrium? Suppose the daily demand for a product is given by, where q is the number of units demanded and p is the price per unit in dollars, and that the daily supply is given by, where q is the number of units supplied and p is the price per unit in dollars.

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2009 PBLPathways (20,160) Demand Supply c.What price gives market equilibrium? Suppose the daily demand for a product is given by, where q is the number of units demanded and p is the price per unit in dollars, and that the daily supply is given by, where q is the number of units supplied and p is the price per unit in dollars.

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2009 PBLPathways (20,160) Demand Supply c.What price gives market equilibrium? Suppose the daily demand for a product is given by, where q is the number of units demanded and p is the price per unit in dollars, and that the daily supply is given by, where q is the number of units supplied and p is the price per unit in dollars.

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2009 PBLPathways (20,160) Demand Supply c.What price gives market equilibrium? Suppose the daily demand for a product is given by, where q is the number of units demanded and p is the price per unit in dollars, and that the daily supply is given by, where q is the number of units supplied and p is the price per unit in dollars.

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2009 PBLPathways (20,160) Demand Supply c.What price gives market equilibrium? Suppose the daily demand for a product is given by, where q is the number of units demanded and p is the price per unit in dollars, and that the daily supply is given by, where q is the number of units supplied and p is the price per unit in dollars. 2009 PBLPathways

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3 SUPPLY AND DEMAND II: MARKETS AND WELFARE. Copyright © 2004 South-Western 7 Consumers, Producers, and the Efficiency of Markets.

3 SUPPLY AND DEMAND II: MARKETS AND WELFARE. Copyright © 2004 South-Western 7 Consumers, Producers, and the Efficiency of Markets.

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