March 2013
Beginner
252 pages
6h 50m
English
Content preview from A Primer on Macroeconomics
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Modeling the Market
We can now examine how participants interact in a market. Table 2-3 and Figure 2-7 combine the previous demand and supply schedules.
Table 2-3. Adjustment to Equilibrium
|
Price |
Quantity demanded |
Quantity supplied |
Result |
Price Pressure |
|
60¢ |
300 |
700 |
Surplus |
Downward |
|
50¢ |
450 |
650 |
Surplus |
Downward |
|
40¢ |
550 |
550 |
Equilibrium |
None |
|
30¢ |
650 |
450 |
Shortage |
Upward |
|
20¢ |
800 |
300 |
Shortage |
Upward |
|
10¢ |
1000 |
200 |
Shortage |
Upward |
Figure 2-7. Adjustment to equilibrium.
When the price is 60¢ per apple, quantity supplied exceeds quantity demanded and ...
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