Refer to the following supply and demand schedules for the market for yo-yos. Price Qd Qs $1 100 10 $2 80 35 $3 60 60 $4 40 85 $5 20 110 If the price in the market is $5, will there be a surplus or shortage of yo-yos and how large will the surplus/shortage be? Show your work. If price is $5, will it tend to increase, decrease, or stay the same over time
Refer to the following supply and demand schedules for the market for yo-yos. Price Qd Qs $1 100 10 $2 80 35 $3 60 60 $4 40 85 $5 20 110 If the price in the market is $5, will there be a surplus or shortage of yo-yos and how large will the surplus/shortage be? Show your work. If price is $5, will it tend to increase, decrease, or stay the same over time
Economics (MindTap Course List)
13th Edition
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Roger A. Arnold
Chapter3: Supply And Demand: Theory
Section: Chapter Questions
Problem 23QP
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Refer to the following supply and demand schedules for the market for yo-yos.
Price | Qd | Qs |
$1 | 100 | 10 |
$2 | 80 | 35 |
$3 | 60 | 60 |
$4 | 40 | 85 |
$5 | 20 | 110 |
- If the price in the market is $5, will there be a surplus or shortage of yo-yos and how large will the surplus/shortage be? Show your work.
- If price is $5, will it tend to increase, decrease, or stay the same over time?
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