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17 Feb 2024
The diagram describes the hypothetical demand and supply for canned tuna in Canada in 2022.
a. Suppose the price of a can of tuna is
$ 4.00$4.00.
What is the quantity demanded? What is the quantity supplied? At this price, is there a shortage or a surplus? By what amount?
If the price is
$ 4.00$4.00,
the quantity demanded is
enter your response here
million cans and the quantity supplied is
enter your response here
million cans. There is a
▼
shortage
surplus
by
enter your response here
million cans.
(Round your responses to the nearest integer.)
Part 2
b. Suppose the price of a can of tuna is
$ 2.00$2.00.
What is the quantity demanded? What is the quantity supplied? At this price, is there a shortage or a surplus? By what amount?
If the price is
$ 2.00$2.00,
the quantity demanded is
enter your response here
million cans and the quantity supplied is
enter your response here
million cans. There is a
▼
surplus
shortage
by
enter your response here
million cans.
(Round your responses to the nearest integer.)
Part 3
c. What is the equilibrium price and quantity in this market?
The equilibrium price is
$enter your response here
per can, and the equilibrium quantity is
enter your response here
million cans.
(Round your responses to the nearest integer.)
...
Question content area right
Part 1
Tuna Market
01234567891011121314150.000.501.001.502.002.503.003.504.004.505.00Quantity (millions of cans)Price (dollars per can)SD
The diagram describes the hypothetical demand and supply for canned tuna in Canada in 2022.
a. Suppose the price of a can of tuna is
$ 4.00$4.00.
What is the quantity demanded? What is the quantity supplied? At this price, is there a shortage or a surplus? By what amount?
If the price is
$ 4.00$4.00,
the quantity demanded is
enter your response here
million cans and the quantity supplied is
enter your response here
million cans. There is a
▼
shortage
surplus
by
enter your response here
million cans.
(Round your responses to the nearest integer.)
Part 2
b. Suppose the price of a can of tuna is
$ 2.00$2.00.
What is the quantity demanded? What is the quantity supplied? At this price, is there a shortage or a surplus? By what amount?
If the price is
$ 2.00$2.00,
the quantity demanded is
enter your response here
million cans and the quantity supplied is
enter your response here
million cans. There is a
▼
surplus
shortage
by
enter your response here
million cans.
(Round your responses to the nearest integer.)
Part 3
c. What is the equilibrium price and quantity in this market?
The equilibrium price is
$enter your response here
per can, and the equilibrium quantity is
enter your response here
million cans.
(Round your responses to the nearest integer.)
...
Question content area right
Part 1
Tuna Market
01234567891011121314150.000.501.001.502.002.503.003.504.004.505.00Quantity (millions of cans)Price (dollars per can)SD
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