1. Business
  2. Economics
  3. pretty sure that i have the equilibrium concept down i...

Question: pretty sure that i have the equilibrium concept down i...

Question details

Pretty sure that I have the equilibrium concept down. I am confused about price ceilings and how they impact markets. The market for packs of AA batteries during a typical week in Tulsa, Oklahoma is described in the table below. Market for AA Batteries Quantity of Quantity of Batteries Demanded (packs) Batteries Supplied (packs) 150 130 110 90 70 50 30 10 Price (dollars) $20 18 16 14 12 10 10 20 30 40 50 60 70 Instructions: Enter your answers as a whole number a. During a typical week in Tulsa, Oklahoma, what are the initial equilibrium price and quantity in the market for packs of AA batteries? 50 packs

Solution by an expert tutor
Blurred Solution
This question has been solved
Subscribe to see this solution