question archive Consider a hypothetical market for strawberries in Ottawa
Consider a hypothetical market for strawberries in Ottawa
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Consider a hypothetical market for strawberries in Ottawa. Let us assume that that the market for strawberries has the following demand and supply schedules:
| Price ($/lb) | Quantity Demanded (thousands of lbs) | Quantity Supplied (thousands of lbs) |
|---|---|---|
| 1.99 | 150 | 0 |
| 2.99 | 120 | 50 |
| 3.99 | 110 | 70 |
| 4.99 | 90 | 90 |
| 5.99 | 75 | 110 |
| 6.99 | 50 | 130 |
| 7.99 | 25 | 150 |
What happens to the market at prices $3.99 and $7.99 per pound? Is the market in equilibrium/excess demand/excess supply? Identify the graphically and calculate the amounts of shortage/surplus in the market at these prices.
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