The table below shows the demand and supply schedules for applesauce.
Observe the data and answer the questions that follow.
Price per 6 oz cup Quantity Demanded per day Quantity Supplied
per day $ .50 400 220 $ .69 375 260 $ .75 310 310 $ .90 250 340 $1.10 200 390 $1.29 150 460 a. The equilibrium price is _____________
b. If the price per cup is $ .50, there will be a surplus or shortage? __________
c. If the price per cup is $ 1.10, the amount of the surplus will be ___________
d. If the price should fall from $ .90 to $ .75, __________ will rise and ______ will fall. (Select answers from: Demand, Supply, Quantity Demanded, Quantity Supplied)
e. If consumer income rises, _____________ will rise at every possible price. (Select answers from: Demand, Supply, Quantity Demanded, Quantity Supplied)
f. The number of firms producing dog food falls, _______________will fall at every possible price. (Select answer from: Demand, Supply, Quantity Demanded, Quantity Supplied)