Use the following supply and demand schedules to answer th…

  Use the following supply and demand schedules to answer the questions below: Price Quantity Demanded Quantity Supplied $0 50 0 $20 40 15 $40 30 30 $60 20 45 $80 10 60 a. At what prices will we see a shortage? b. At what prices will we see a surplus? c. What is the equilibrium price and quantity for this market?  

  Assume that the market for chairs consists of only three i…

  Assume that the market for chairs consists of only three individuals: Huey, Dewey, and Louie. Here are their demand schedules: Price Huey’s Demand Dewey’s Demand Louie’s Demand $1 6 4 2 $2 5 4 1 $3 4 3 1 $4 3 3 0 $5 2 2 0 $6 1 2 0 From the information in the demand schedules, answer the following questions: a. If the price of a chair were $2, how many chairs would be sold? b. If the price of a chair were $5, how many chairs would be sold?