Table 4-15 The Following Table Shows the Number of Cases of Water

question 208

Short Answer

Table 4-15
The following table shows the number of cases of water each seller is willing to sell at the prices listed.
-Refer to Table 4-15. Assume these are the only four suppliers in this market and the function for market demand is Q^D=1000-100P, where Q^D is the quantity demanded and P is the price. If the price is $6 per case, is there a shortage or surplus, and how large is the shortage or surplus?

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