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Refer to the following supply and demand schedules for the market for yo-yos.
What are the equilibrium price and quantity of yo-yos? Explain your answer, and show your work.
If price in the market is $2, will there be a surplus or shortage of yo-yos and how large will the surplus/shortage be? Explain your answer, and show your work.
If price is $2, will price tend to increase, decrease, or stay the same over time?
If the price in the market is $5, will there be a surplus or shortage of yo-yos and how large will the surplus/shortage be? Explain your answer, and show your work.
If price is $5, will it tend to increase, decrease, or stay the same over time?
Sagot :
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