Problem: Managerial Economics
Price of steaks Supply of steaks Demand for steaks Shortage/surplus
$25 30 10
20 20 12
15 15 15
10 10 20
5 5 30
o Using the above data please create a supply and demand graph.
o Indicate on the graph the point of market equilibrium
o Complete the last column indicating at each price level whether the market has a surplus or a (shortage) and by what amount?
The response must include a reference list. One-inch margins, double-space, Using Times New Roman 12 pnt font and APA style of writing and citations.