question archive Suppose the supply and demand schedules for cigarettes are as follows: Price (per carton) Quantity, Demanded Quantity, Supplied $3
Suppose the supply and demand schedules for cigarettes are as follows: Price (per carton) Quantity, Demanded Quantity, Supplied $3
Subject:MarketingPrice:2.88 Bought3
Suppose the supply and demand schedules for cigarettes are as follows:
| Price (per carton) | Quantity, Demanded | Quantity, Supplied |
|---|---|---|
| $3.00 | 360 | 160 |
| $3.25 | 330 | 180 |
| $3.50 | 300 | 200 |
| $3.75 | 270 | 220 |
| $4.00 | 240 | 240 |
| $4.25 | 210 | 260 |
| $4.50 | 180 | 280 |
| $4.75 | 150 | 300 |
| $5.00 | 120 | 320 |
a. What is the equilibrium price?
b. What is the equilibrium quantity?
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The equilibrium price and quantity are $4.00 and 240 units, respectively. At a price of $4.00, the number of units supplied and demanded are both equal to 240 units.
