Question

Questions are on the picture, a-e.

Answer 1

1. The equilibrium price is $1.12.
2. If price is $0.98, there would be scarcity of Super Widgets.
3. When price is $0.98, quantity demanded is y.
4. When price is $0.98, quantity supplied is x.
5. When price is $1.22, there would be a surplus of Super Widgets.

What is equilibrium?

Equilibrium price is the price at which the quantity demanded equals the quantity supplied. The equilibrium price is $1.12.

Above equilibrium price, quantity supplied would exceed quantity demanded and there would be a surplus. When price is below equilibrium price, quantity supplied would be less quantity demanded and there would be a scarcity.

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