The information given in the schedule below shows the various prices that could prevail in the market, along with corresponding quantities demanded and supplied. Draw the market. Remember to label all pertinent parts (axes, curves, equilibrium price and quantity). Price per unit QD per week QS per week
$1.00 500 million units 100 million units
$2.00 400 million units 200 million units
$3.00 300 million units 300 million units
$4.00 200 million units 400 million units
$5.00 100 million units 500 million units
1. What is the equilibrium price and quantity in the market?
2. If the price of the good is $4, would a shortage or surplus exist in the market? What would be the size of the surplus or shortage?
3. How would the price in the market change to correct the surplus or shortage?

hi,

henry is an economist and wants to understand the relationship between inflation and consumer spending habits. for his research, he needs the consumer price index for 2014 and the inflation rate. based on the prices of goods given, what will he find to be the cpi and inflation rate for 2014? assume that a consumer’s basket for three consecutive years consists of the following:

you dont privide answer choices.

answer - 15% of a inflatation rate is 15% less in cpi

the answer is "b.the increased supply will create a surplus. "

the essential thought behind price controls is straightforward - utilize the power of law to modify the equilibrium of a market. for instance, the legislature may choose that the steel business needs to survive, and in this way pass a law to set a value floor on steel. this implies all steel sold must offer at or over the floor value, which must be set over the equilibrium cost for it to have any impact. the switch could likewise happen - the administration can choose that steel is excessively costly and set a value roof underneath its equilibrium value, with the goal that all steel must be sold at or beneath that ceiling.