Market Equilibrium Worksheet 1. The following table shows the supply and demand schedules in a market...

Market Equilibrium Worksheet

1. The following table shows the supply and demand schedules in a market for sandals.

Price ($)	Quantity Demanded (units)	Quantity Supplied (units)
0	50	0
2	40	15
4	30	30
6	20	45
8	10	60
10	0	75

What is the equilibrium price in the sandals market?

What is the equilibrium quantity in the sandals market?

At a price of $2, will there be a surplus or shortage of sandals in this market?

At a price of $8, how large of a surplus will there be in this market?

If the supply curve shifts to the right, will the price in this market rise or fall?

Expert Solution

Rahul Sunny answered 2 years ago

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