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Surplus and Shortage of Fish

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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.

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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.

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Short answer questions in economics: economics, market economy, command economy,supply and demand

Questions (also attached):

1) What is economics?
2) What types of things are considered in economics? What is not?
3) What role does economics play in your personal decisions?
4) What are the advantages of a market versus a command economy?

1. What is the difference between the shift of and a movement along the demand curve?
2. What is the difference between the shift of and a movement along the supply curve?
3. How do shortages and surpluses develop?
4. What types of shortages and surpluses affect you either personally or in your work environment?

2. Answer the following questions:
a. What causes the changes in supply and demand?
b. How do shifts in supply and demand affect your decision making?
c. List four key points in the study of economics.

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