25 Jul WHAT WOULD BE THE EQUILIBRIUM PRICE AND QUANTITY IN THIS MARKET?
Given the following data for individuals draw the market demand curve and market supply curve for C Show more Given the following data for individuals draw the market demand curve and market supply curve for CDs. Assume that these are the only individuals in the entire market. Price is per CD. Price $8.00 $8.50 $9.00 $9.50 $10.00 $10.50 Quantity demanded in units per week Quantity demanded in units per week Quantity demanded in units per week Quantity demanded in units per week Quantity demanded in units per week Quantity demanded in units per week Quantity demanded in units per week Mark 3 3 1 0 0 0 Lynn 8 7 6 3 2 1 Jason 6 5 4 3 0 0 Erin 10 9 7 6 4 2 Quantity supplied in units per week Quantity supplied in units per week Quantity supplied in units per week Quantity supplied in units per week Quantity supplied in units per week Quantity supplied in units per week Quantity supplied in units per week Jeff 0 1 2 3 4 6 Beth 2 3 3 4 6 7 Chris 0 1 2 3 5 6 Abby 1 1 2 2 3 5 What would be the equilibrium price and quantity in this market? Which would there beexcess demand or excess supplyat a price of $8.00? How much? What about at a price of $10.00? If the price of a CD was initially set at $9.00 but the price was allowed to adjust would the price rise or fall? Explain your answ I am very confused. How do I figure this out? I am not sure how to get the price and qty. Show less
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