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Question: exhibit 7 suppose that in a recent market period the...

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Exhibit 7. Suppose that in a recent market period, the following relationship existed between the price of tablet devices and the quantity supplied and quantity demanded. Price 5330 $340 $350 S360 Quantity Demanded 100 million 90 million 80 milliorn 70 million Quantity Supplied 40 million 60 million 80 million 100 million

S370ich 29-Graph the supply and demand curves for tablet devices using the information in the table. What are the equilibrium price and 60 million 120 million quantity? 30- In Exhibit 7, If the industry price is $340, is there a shortage or surplus of tablet devices? How much is the shortage or surplus? 31- Suppose that in a later market period, the quantities supplied in the Exhibit 8 are unchanged. The amount demanded however, has increased by 30 million at each price. Construct the resulting demand curve in the illustration you made for question 26. Is this an increase or a decrease in demand? What are the new equilibrium quantity and the new market price? Give two examples of changes in ceteris paribus conditions that might cause such a change.
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