Use the table below to answer the questions:PriceQuantity SuppliedQuantity Demanded$525150$1050100$157575$2010050$2511525$3013010Find the equilibrium price and quantity.Assume a $20 price floor is imposed in this market. Find the quantity demanded.Find the quantity supplied.Will this be a surplus or shortage?How big will the surplus or shortage be?How many units will be sold in the market?Will this price floor increase, decrease, or have no effect on consumer surplus?Will this price floor increase, decrease, or have no effect on total surplus?Will this price floor increase, decrease, or have no effect on deadweight loss?

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Principles of Microeconomics

7th Edition

ISBN:9781305156050

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter6: Supply, Demand And Government Policies

Section: Chapter Questions

Problem 3PA

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Use the table below to answer the questions:

Price	Quantity Supplied	Quantity Demanded
$5	25	150
$10	50	100
$15	75	75
$20	100	50
$25	115	25
$30	130	10

Find the equilibrium price and quantity.

Assume a $20 price floor is imposed in this market.

Find the quantity demanded.
Find the quantity supplied.
Will this be a surplus or shortage?
How big will the surplus or shortage be?
How many units will be sold in the market?
Will this price floor increase, decrease, or have no effect on consumer surplus?
Will this price floor increase, decrease, or have no effect on total surplus?
Will this price floor increase, decrease, or have no effect on deadweight loss?

Definition Video Definition Point where the demand and supply curves intersect. At the equilibrium price the quantity supplied of a good is equal to the quantity demanded. When the market is not in equilibrium, market surplus or market shortage occurs. The region that is above the price equilibrium indicates market surplus and the region below the price equilibrium indicates market shortage. Video

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