This question examines the market for ring pops. You will use the formulas for a demand and supply curve to identify the equilibrium market price and quantity and analyze the benefits that consumers and producers derive from participation in this market.
Below, you have the formulas for the demand curve and the supply curve for ring pops. If you plug any price into the formula for the demand function, you get the quantity demanded at that price. If you plug any price into the supply function, you get the quantity supplied at that price.
The Demand Function for ring pops: Q =12-2P
The Supply Function for ring pops: Q =2P/5
Use the table below to find the quantity demanded and the quantity supplied of ring pops at each price.
Price (per ring pop) Quantity of per ring pops demanded Quantity of per ring pops Supplied
$1
2 0.6
3 0.6
4
5 2.0
6
Answers: 3
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This question examines the market for ring pops. You will use the formulas for a demand and supply c...
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