1. example 3 Market Equilibrium Chapter 2.3 Suppose the daily demand for a product is given by, where q is the number of units demanded and p is the price per unit in dollars, and that the daily supply is given by, where q is the number of units supplied and p is the price per unit in dollars. a.If the price is $140, how many units are supplied and how many are demanded? b.Does this price give a surplus or a shortfall of the product? c.What price gives market equilibrium? 2009 PBLPathways

2. Suppose the daily demand for a product is given by, where q is the number of units demanded and p is the price per unit in dollars, and that the daily supply is given by, where q is the number of units supplied and p is the price per unit in dollars. a.If the price is $140, how many units are supplied and how many are demanded? b.Does this price give a surplus or a shortfall of the product? c.What price gives market equilibrium?

3. 2009 PBLPathways a.If the price is $140, how many units are supplied and how many are demanded? Suppose the daily demand for a product is given by, where q is the number of units demanded and p is the price per unit in dollars, and that the daily supply is given by, where q is the number of units supplied and p is the price per unit in dollars.

4. 2009 PBLPathways Demand function: Supply function: price per unit quantity of units a.If the price is $140, how many units are supplied and how many are demanded? Suppose the daily demand for a product is given by, where q is the number of units demanded and p is the price per unit in dollars, and that the daily supply is given by, where q is the number of units supplied and p is the price per unit in dollars.

5. 2009 PBLPathways Demand function: Supply function: price per unit quantity of units a.If the price is $140, how many units are supplied and how many are demanded? Suppose the daily demand for a product is given by, where q is the number of units demanded and p is the price per unit in dollars, and that the daily supply is given by, where q is the number of units supplied and p is the price per unit in dollars.

6. 2009 PBLPathways Demand function: Supply function: price per unit quantity of units a.If the price is $140, how many units are supplied and how many are demanded? Suppose the daily demand for a product is given by, where q is the number of units demanded and p is the price per unit in dollars, and that the daily supply is given by, where q is the number of units supplied and p is the price per unit in dollars.

7. 2009 PBLPathways Demand function: Supply function: price per unit quantity of units a.If the price is $140, how many units are supplied and how many are demanded? Suppose the daily demand for a product is given by, where q is the number of units demanded and p is the price per unit in dollars, and that the daily supply is given by, where q is the number of units supplied and p is the price per unit in dollars.

8. 2009 PBLPathways Demand function: Supply function: price per unit quantity of units a.If the price is $140, how many units are supplied and how many are demanded? Suppose the daily demand for a product is given by, where q is the number of units demanded and p is the price per unit in dollars, and that the daily supply is given by, where q is the number of units supplied and p is the price per unit in dollars.

9. 2009 PBLPathways Demand function: Supply function: price per unit quantity of units a.If the price is $140, how many units are supplied and how many are demanded? Suppose the daily demand for a product is given by, where q is the number of units demanded and p is the price per unit in dollars, and that the daily supply is given by, where q is the number of units supplied and p is the price per unit in dollars.

10. 2009 PBLPathways Demand function: Supply function: price per unit quantity of units a.If the price is $140, how many units are supplied and how many are demanded? Suppose the daily demand for a product is given by, where q is the number of units demanded and p is the price per unit in dollars, and that the daily supply is given by, where q is the number of units supplied and p is the price per unit in dollars.

11. 2009 PBLPathways Demand function: Supply function: price per unit quantity of units a.If the price is $140, how many units are supplied and how many are demanded? Suppose the daily demand for a product is given by, where q is the number of units demanded and p is the price per unit in dollars, and that the daily supply is given by, where q is the number of units supplied and p is the price per unit in dollars.

12. 2009 PBLPathways Demand function: Supply function: price per unit quantity of units a.If the price is $140, how many units are supplied and how many are demanded? Suppose the daily demand for a product is given by, where q is the number of units demanded and p is the price per unit in dollars, and that the daily supply is given by, where q is the number of units supplied and p is the price per unit in dollars.

13. 2009 PBLPathways Demand function: Supply function: price per unit quantity of units a.If the price is $140, how many units are supplied and how many are demanded? Suppose the daily demand for a product is given by, where q is the number of units demanded and p is the price per unit in dollars, and that the daily supply is given by, where q is the number of units supplied and p is the price per unit in dollars.

14. 2009 PBLPathways b.Does this price give a surplus or a shortfall of the product? Demand function: Supply function: price per unit quantity of units Suppose the daily demand for a product is given by, where q is the number of units demanded and p is the price per unit in dollars, and that the daily supply is given by, where q is the number of units supplied and p is the price per unit in dollars.

15. 2009 PBLPathways Demand function: Supply function: price per unit quantity of units b.Does this price give a surplus or a shortfall of the product? Suppose the daily demand for a product is given by, where q is the number of units demanded and p is the price per unit in dollars, and that the daily supply is given by, where q is the number of units supplied and p is the price per unit in dollars.

16. 2009 PBLPathways c.What price gives market equilibrium? Suppose the daily demand for a product is given by, where q is the number of units demanded and p is the price per unit in dollars, and that the daily supply is given by, where q is the number of units supplied and p is the price per unit in dollars.

17. 2009 PBLPathways c.What price gives market equilibrium? Suppose the daily demand for a product is given by, where q is the number of units demanded and p is the price per unit in dollars, and that the daily supply is given by, where q is the number of units supplied and p is the price per unit in dollars.

18. 2009 PBLPathways c.What price gives market equilibrium? Suppose the daily demand for a product is given by, where q is the number of units demanded and p is the price per unit in dollars, and that the daily supply is given by, where q is the number of units supplied and p is the price per unit in dollars.

19. 2009 PBLPathways (20,160) Demand Supply c.What price gives market equilibrium? Suppose the daily demand for a product is given by, where q is the number of units demanded and p is the price per unit in dollars, and that the daily supply is given by, where q is the number of units supplied and p is the price per unit in dollars.

20. 2009 PBLPathways (20,160) Demand Supply c.What price gives market equilibrium? Suppose the daily demand for a product is given by, where q is the number of units demanded and p is the price per unit in dollars, and that the daily supply is given by, where q is the number of units supplied and p is the price per unit in dollars.

21. 2009 PBLPathways (20,160) Demand Supply c.What price gives market equilibrium? Suppose the daily demand for a product is given by, where q is the number of units demanded and p is the price per unit in dollars, and that the daily supply is given by, where q is the number of units supplied and p is the price per unit in dollars.

22. 2009 PBLPathways (20,160) Demand Supply c.What price gives market equilibrium? Suppose the daily demand for a product is given by, where q is the number of units demanded and p is the price per unit in dollars, and that the daily supply is given by, where q is the number of units supplied and p is the price per unit in dollars.

23. 2009 PBLPathways (20,160) Demand Supply c.What price gives market equilibrium? Suppose the daily demand for a product is given by, where q is the number of units demanded and p is the price per unit in dollars, and that the daily supply is given by, where q is the number of units supplied and p is the price per unit in dollars. 2009 PBLPathways