AB 204 Unit 3 Assignment Supply and Demand Model and PPF
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Let us assume two students must prepare a presentation for their marketing class . As part of their class presentation , they must do a series of calculations and prepare 50 PowerPoint slides . It would take Larry 10 hours to do the required calculation and 10 hours to prepare the slides . It would take Kate 12 hours to do the series of the calculations and 20 hours to prepare the PPT slides .
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AB 204 Unit 3 Assignment Supply and Demand Model and PPF
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1 ) The table below indicates the total quantity supplied and demanded of flashlights at different price levels .
Draw Supply and Demand Curves .
What are the equilibrium price and the equilibrium quantity ?
Suppose the market price is $ 5 . What problem would exist in the market ? Does it lead to surplus or shortage ? How do you expect this problem will affect the price ? Indicate this on the supply and demand graphs .