Understand and describe what happens when a market is not in equilibrium.
-Suppose that a supply curve is given as:
$\begin{array}{rrrrrrrrr}
\mathrm{Q} & 20 & 22 & 24 & 26 & 28 & 30 & 32 & 34 \
\mathrm{P} & \$ 70 & 60 & 50 & 40 & 30 & 20 & 10 & 0
\end{array}$

a. Graph this data.
b. Calculate an elasticity of supply coefficient.
Show the relationship between price elasticity of demand and total revenue and how this relationship is important to firms and policymakers.

Question

Understand and describe what happens when a market is not in equilibrium.
-Suppose that a supply curve is given as:
 $\begin{array}{rrrrrrrrr}
\mathrm{Q} & 20 & 22 & 24 & 26 & 28 & 30 & 32 & 34 \
\mathrm{P} & \$ 70 & 60 & 50 & 40 & 30 & 20 & 10 & 0
\end{array}$
 
a. Graph this data.
b. Calculate an elasticity of supply coefficient.
Show the relationship between price elasticity of demand and total revenue and how this relationship is important to firms and policymakers.

Quizplus · Accepted Answer

The Answer of Understand and describe what happens when a market is not in equilibrium.
-Suppose that a supply curve is given as:
 $\begin{array}{rrrrrrrrr}
\mathrm{Q} & 20 & 22 & 24 & 26 & 28 & 30 & 32 & 34 \
\mathrm{P} & \$ 70 & 60 & 50 & 40 & 30 & 20 & 10 & 0
\end{array}$
 
a. Graph this data.
b. Calculate an elasticity of supply coefficient.
Show the relationship between price elasticity of demand and total revenue and how this relationship is important to firms and policymakers.

Understand and Describe What Happens When a Market Is Not Q2022242628303234P$706050403020100\begin{array}{rrrrrrrrr}\mathrm{Q} & 20 & 22 & 24 & 26 & 28 & 30 & 32 & 34 \\\mathrm{P} & \$ 70 & 60 & 50 & 40 & 30 & 20 & 10 & 0\end{array}QP​20$70​2260​2450​2640​2830​3020​3210​340​

Understand and Describe What Happens When a Market Is Not $\begin{array}{rrrrrrrrr}\mathrm{Q} & 20 & 22 & 24 & 26 & 28 & 30 & 32 & 34 \\\mathrm{P} & \$ 70 & 60 & 50 & 40 & 30 & 20 & 10 & 0\end{array}$