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Equilibrium Price and Quantity

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The following table shows the quantities of corn supplied and demanded at different prices.

Price per Ton Quantity Supplied Quantity Demanded

$80 600 1,200

$90 800 1,100

$100 1,000 1,000

$110 1,200 800

Draw the demand curve and the supply curve. What is the equilibrium price and quantity of corn?

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Solution Summary

The solution explains the steps to determine equilibrium price and quantity graphically.

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Please refer attached file for graph.

Solution:

Price per ton Qs ...

Solution provided by:
Lokesh Jain, MSc
Education
  • BEng (Hons) , Birla Institute of Technology and Science, India
  • MSc (Hons) , Birla Institute of Technology and Science, India
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