Please give a detailed answer with a full explanation.Please answer the fill in the blanks too. For the last part, I made it easier for you to answer by giving you the options for the answer. PLEASE PAY ATTENTION TO THE SHORTAGE AND SURPLUS AMOUNT, THE PREVIOUS EXPERT GOT THIS WRONG. Please format the answer correctly.The equilibrium price in this market is $ (blank) per calendar and the equilibrium quantity is (blank) calendars bought and sold per month.Price Shortage or Surplus Shortage Or Surplus Amount Pressure40 shortage or surplus (blank) downward or upward60 shortage or surplus (blank) downward or upward The equilibrium price in this market is $per teapot, and the equilibrium quantity isteapots bought and sold per month.Complete the following table by indicating at each price whether there is a shortage or surplus in the market, the amount of that shortage or surplus,and whether this places upward or downward pressure on prices.PriceShortage or Surplus Amount(Dollars per teapot)Shortage or Surplus(Теаpots)Pressure1842 12. Market equilibrium and disequilibriumThe following graph shows the monthly demand and supply curves in the market for teapots.Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph.Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly.Graph Input ToolMarket for Teapots60I Price(Dollars per teapot)54Supply2448QuantityDemanded(Теарots)Quantity Supplied(Teapots)60040042Demand12100 200 300 400 500 600 700 800 900 1000QUANTITY (Teapots)PRICE (Dollars per teapot)

The demand curve is the graphical representation of different quantities of commodities that the…

Answered: The equilibrium price in this market is…

ECON MICRO

5th Edition

ISBN:9781337000536

Author:William A. McEachern

Publisher:William A. McEachern

Chapter4: Demand, Supply, And Markets

Section: Chapter Questions

Problem 6.11P

See similar textbooks

Related questions

Question

Please give a detailed answer with a full explanation.
Please answer the fill in the blanks too. For the last part, I made it easier for you to answer by giving you the options for the answer. PLEASE PAY ATTENTION TO THE SHORTAGE AND SURPLUS AMOUNT, THE PREVIOUS EXPERT GOT THIS WRONG. Please format the answer correctly.

The equilibrium price in this market is $ (blank) per calendar and the equilibrium quantity is (blank) calendars bought and sold per month.
Price Shortage or Surplus Shortage Or Surplus Amount Pressure
40 shortage or surplus (blank) downward or upward
60 shortage or surplus (blank) downward or upward

The equilibrium price in this market is $
per teapot, and the equilibrium quantity is
teapots bought and sold per month.
Complete the following table by indicating at each price whether there is a shortage or surplus in the market, the amount of that shortage or surplus,
and whether this places upward or downward pressure on prices.
Price
Shortage or Surplus Amount
(Dollars per teapot)
Shortage or Surplus
(Теаpots)
Pressure
18
42

12. Market equilibrium and disequilibrium
The following graph shows the monthly demand and supply curves in the market for teapots.
Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph.
Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly.
Graph Input Tool
Market for Teapots
60
I Price
(Dollars per teapot)
54
Supply
24
48
Quantity
Demanded
(Теарots)
Quantity Supplied
(Teapots)
600
400
42
Demand
12
100 200 300 400 500 600 700 800 900 1000
QUANTITY (Teapots)
PRICE (Dollars per teapot)

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 3 steps with 2 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions