The market for Milk has the following demand and supply schedules: Price Quantity Demanded (Milk) Quantity Supplied (Milk) $7 155 36 $8 124 63 $9 101 91 $10 88 108 $11 73 120 $12 59 131 d) Graph the cemand and supply curves. What is the equilibrium price and quantity in this market? e) If the actual price in this market were above the equilibrium price, what would drive the market toward the equilibrium? ) If the actual price in this market were below the equilibrium price, what would drive the market toward the equilibrium?
The market for Milk has the following demand and supply schedules:
Price
Quantity Demanded (Milk)
Quantity Supplied (Milk)
$7
155
36
$8
124
63
$9
101
91
$10
88
108
$11
73
120
$12
59
131
d) Graph the cemand and supply curves. What is the equilibrium price
and quantity in this market?
e) If the actual price in this market were above the equilibrium
price, what would drive the market
toward the equilibrium?
) If the actual price in this market were below the equilibrium price,
what would drive the market
toward the equilibrium?
