Equilibrium: End of Chapter Problem Consider the following supply and demand tables for bread. Draw the supply and demand curves for this market. What are the equilibrium price and quantity? Price of One Quantity Loaf Supplied Quantity Demanded $0.50 10 75 $1 20 55 $2 35 35 $3 50 25 $5 60 10 a. Draw the supply and demand curves for this market.
Market for Bread 6.0 Demand 5.5 Supply 5.0 4,5 4.0 3.5 Price of bread ($loaf) 3.0 2.5 2.0 1.5 1.0 0.5 0.0
00 0 5 10 15 20 25 30 35 40 45 50 55 60 65 70 75 80 85 90 Quantity of bread (oaves) b. What are the equilibrium price and quantity? The equilibrium price is $ The equilibrium quantity is