Explore BrainMass
Share

Explore BrainMass

    Surplus and Shortage of Fish

    This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

    I need help with this assignment

    Suppose the total demand for fish and the total supply of fish per month in the Kansas City fish market are as follows:

    Demand and supply of fish
    Price Quantity demanded Quantity supplied Surplus
    (millions of pounds (millions of pounds per Month) or shortage
    per Month)
    $2.40 6 12 ____
    $2.20 8 11 _____
    $2.00 10 10 ______
    $1.80 12 9 ______
    $1.60 14 8 ______

    Using the above data, graph the demand for fishes and the supply fishes. Be sure to label the axes of your graph correctly. Label equilibrium price "P" and the equilibrium quantity"Q'". Also, find a surplus and a shortage of fish.

    © BrainMass Inc. brainmass.com October 10, 2019, 1:01 am ad1c9bdddf
    https://brainmass.com/economics/general-equilibrium/surplus-shortage-fish-317622

    Solution Summary

    The expert examines a surplus and shortage of fish. A complete, neat and step-by-step solution is provided in the attached file.

    $2.19