30. The table below shows the price, market demand,
market supply, and the surplus and shortage for a
firm providing a product under perfect competition.
Study the information in the table, and then answer
1
the questions below.
Price
10
9
8
7
6
5
43
2
Market
demand
600
850
990
1300
1470
1650
1840
Market
supply
1550
1500
1450
1400
1350
1200
1150
Surplus/
Shortage
950
780
210
0
-220
-690
32. F
a. Some of the information is missing from the table.
Calculate the correct information.
b. What is the equilibrium price? How can you tell?
c. What price(s) will produce a surplus?
d. What price(s) will produce a shortage?