Answer to Question #331066 in Microeconomics for Axis

Question

Consider the following supply and demand schedule of wooden tables.

a. Draw the corresponding graphs for supply and demand.

b. Using the data, obtain the corresponding supply and demand functions.

c. Find the market-clearing price and quantity.

Price per thousand Supply Demand

2 96 110

4 196 190

6 296 270

8 396 350

10 496 430

12 596 510

14 696 590

16 796 670

18 896 750

20 996 830

Answer 1

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