Question

Answer the following questions based on the tables below.

Answer 1

Answer:

                                      A    B     C     D     E     F     G     H   I

Buyer Willingness       $35 $33 $27 $22 $21 $13 $13 $12 $6

to pay for one unit

                                      A    B     C     D     E     F     G      H     I

Seller Willingness        $4  $9   $12  $14  $15  $21  $23 $30 $51

to sell one unit

A) The quantity demanded at a price of $10 is 8 (A, B, C, D, E, F, G, H)

$10 IS LOWER THAN THE MAXIMUM PRICE THAT 8 CONSUMERS WERE WILLING TO PAY.

The quantity supplied at a price of $10 is 2 (A, B)

ONLY TWO SUPPLIERS ARE WILLING TO SELL AT $10 OR LOWER

B) The quantity demanded at a price of $25 is 3 (A, B, C)

$25 IS LOWER THAN THE MAXIMUM PRICE THAT 3 CONSUMERS WERE WILLING TO PAY.

The quantity supplied at a price $25 is 7 (A, B, C, D, E, F, G)

SEVEN SUPPLIERS ARE WILLING TO SELL AT $25 OR LOWER