Documents Chapter 2: The Basics of Supply and Demand

sol_02.PDF5 EXERCISES 1. Consider a competitive market for which the quantities demanded and supplied (per year) at various prices are given as follows: Price 60 22 14 80

Documents The Basics of Supply and Demand

MTBCH002.QXD.1300846119 C H A P T E R O U T L I N E 2.1 Supply and Demand 20 2.2 The Market Mechanism 23 2.3 Changes in Market Equilibrium 24 2.4 Elasticities of Supply and