Regarding Econ 101 homework

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Econhw2q2.docx

2 . Market equilibrium and disequilibrium

The following graph shows the monthly demand and supply curves in the market for keyboards.

Use the graph input tool to help you answer the following questions. Enter an amount into the Price field to see the quantity demanded and quantity supplied at that price. You will not be graded on any changes you make to this graph.

Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly.

The equilibrium price in this market is X per keyboard, and the equilibrium quantity is

X keyboards bought and sold per month.

What is X?

Complete the following table by indicating at each price whether there is a shortage or surplus in the market, the amount of that shortage or surplus, and whether this places upward or downward pressure on prices.

At 60 will the Pressure be upward or downward?

At 40 will the Pressure be upward or downward?