The following table is a supply and demand schedule for the eggs market. PRICE (per dozen eggs) DEMAND (in million dozens) SUPPLY (in million dozens) AED 10 340 160 AED 11 320 200 AED 12 300 240 AED...

The following table is a supply and demand schedule for the eggs market.<br>PRICE (per dozen eggs)<br>DEMAND (in million dozens)<br>SUPPLY (in million dozens)<br>AED 10<br>340<br>160<br>AED 11<br>320<br>200<br>AED 12<br>300<br>240<br>AED 13<br>280<br>280<br>AED 14<br>260<br>320<br>AED 15<br>240<br>360<br>AED 16<br>220<br>400<br>Based on the above data answer the following questions. Need to use correct units in the answer (AED, million dozens, etc) (<br>a) What is the equilibrium price?<br>b) What is the equilibrium quantity ?<br>c) Is there a surplus or shortage at AED 16?<br>d) With respect to question c, how much is the surplus or shortage?<br>

Extracted text: The following table is a supply and demand schedule for the eggs market. PRICE (per dozen eggs) DEMAND (in million dozens) SUPPLY (in million dozens) AED 10 340 160 AED 11 320 200 AED 12 300 240 AED 13 280 280 AED 14 260 320 AED 15 240 360 AED 16 220 400 Based on the above data answer the following questions. Need to use correct units in the answer (AED, million dozens, etc) ( a) What is the equilibrium price? b) What is the equilibrium quantity ? c) Is there a surplus or shortage at AED 16? d) With respect to question c, how much is the surplus or shortage?

Jun 07, 2022

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The following table is a supply and demand schedule for the eggs market. PRICE (per dozen eggs) DEMAND (in million dozens) SUPPLY (in million dozens) AED 10 340 160 AED 11 320 200 AED 12 300 240 AED...

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