Count the baby's fingers. His parents both have five fingers on each hand. Six fingers is a dominant trait. Is it possible for t
his baby to be with the correct parents? Or do we need to take it back to the hospital to find it's real parents? Defend your answer by providing at least two facts to support your claim.
1 answer:
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Answer:
- At equilibrium, the quantity of a commodity demanded is the same as the quantity of that commodity supplied. i.e. QD = QS. The price at which QD = QS is the equilibrium price.
- When there is a shortage, the quantity of goods demanded would be greater than quantity supplied, as the price falls below the equilibrium price. i.e. QD>QS
- When there is surplus, the quantity of goods demanded is less than the quantity supplied, as price increases above the equilibrium price. i.e. QD<QS.
For example, in the table showing the demand and supply schedule for T shirt at different prices (see file attached), the equilibrium price for a unit of T shirt is $3, at equilibrium, QD = QS (i.e. 30 = 30).
A shortage is recorded when the price of T shirt falls below equilibrium price of $3 as shortage of T shirt is recorded, i.e. @ $2, QD>QS (40>20). A shortage of 20 is recorded.
Surplus occurs as price increases above equilibrium price of which QD<QD, i.e. @ $4, a surplus of 20 is recorded.
