Calculate the equilibrium price and quantity in the market, Microeconomics

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Calculate the equilibrium price and quantity in the market

Market research has revealed the following information about the market for chocolate bars :
Demand schedule , qd = 1600 - 300p
Supply schedule, qs = 1400 + 700p
where q is quantity demanded / supplied and p is price.

(a) Calculate the equilibrium price and quantity in the market for chocolate bars.
(b) Support your answer with an illustration which shown the market equilibrium for chocolate bars, include the x and y intercepts of the curves and label them accordingly.
(c) Show and label the ‘shortage' and ‘surplus' in your graph

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Microeconomics: Calculate the equilibrium price and quantity in the market

Reference No:- TGS041988

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Microeconomics: Calculate the equilibrium price and quantity in the market

Reference No:- TGS041988

Have a Question? (oR Write a Review)

Recent Questions Asked Microeconomics

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Request for Solution File

Ask an Expert for Answer!!

Microeconomics: Calculate the equilibrium price and quantity in the market

Reference No:- TGS041988

Recent Questions Asked Microeconomics

Q : Effect of transaction on accounting equation

Q : Compute t-statistics-adjusted r and f-statistic

Q : Budgeted and actual profit in the sporting good

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