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MMLU-Pro / 7668 / Given the accompanying supply and demand schedules, Quantity demanded Price…

Problem

Answer published by the source. Consult the official source to check your work against its answer.

question

Given the accompanying supply and demand schedules, Quantity demanded Price Quantity supplied 3000 4.00120028004.00 1200 2800 4.05 1600 2500 4.101900QuantityDemandedPriceQuantitysupplied(contd.)21004.10 1900 Quantity Demanded Price Quantity supplied (contd.) 2100 4.15 2100 2000 4.20245017004.20 2450 1700 4.25 2900 a)findthe equilibrium price, and b)determinewhether there would be a surplus or a shortage if price were set at $4.00.
Plain-text mathematical notation (without MathML)
Given the accompanying supply and demand schedules, Quantity demanded Price Quantity supplied 3000 4.00120028004.05 1600 2500 4.101900QuantityDemandedPriceQuantitysupplied(contd.)21004.15 2100 2000 4.20245017004.25 2900 a)findthe equilibrium price, and b)determinewhether there would be a surplus or a shortage if price were set at $4.00.
Original LaTeX notation
Given the accompanying supply and demand schedules, Quantity demanded Price Quantity supplied 3000 $4.00 1200 2800 $4.05 1600 2500 $4.10 1900 Quantity Demanded Price Quantity supplied (contd.) 2100 $4.15 2100 2000 $4.20 2450 1700 $4.25 2900 a)findthe equilibrium price, and b)determinewhether there would be a surplus or a shortage if price were set at $4.00.

category

economics

options

  1. $4.15, surplus of 300 units
  2. $4.20, shortage of 1200 units
  3. $4.15, shortage of 1800 units
  4. $4.00, surplus of 1800 units
  5. $4.10, surplus of 300 units
  6. $4.10, equilibrium
  7. $4.05, equilibrium
  8. $4.00, shortage of 1200 units
  9. $4.20, surplus of 450 units
  10. $4.25, surplus of 1000 units

src

stemez-Economics

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Source and history

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