1 answer

8. Show a market for cheese such that there is a (A) surplus, (B) shortage, and...

Question:

8. Show a market for cheese such that there is a (A) surplus, (B) shortage, and C) market equilibrium.

8. Show a market for cheese such that there is a (A) surplus, (B) shortage, and C) market equilibrium.

Answers

a) wen thene i Suopls un the Master, then, at the given Manker pouce Suppat exceeds the demand 윤 that Ruoduct, hootage uten MKE pucebelow the Eym price uwhene atu demand appa , then demand exceds the Zuppls c) E9M_→ WRen. demand cuts 8upply at-fum, & MKt pulee Mit pouce. fo shostage o Pf2, frice below eq gdswhen market price is above equilibrium price, then surplus exist

When it is below equilibrium price then shortage is created

.

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