table: the market for salt and vinegar chips\nprice (per bag) quantity demanded (bags per month) quantity…

table: the market for salt and vinegar chips\nprice (per bag) quantity demanded (bags per month) quantity supplied (bags per month)\n$0.90 75 285\n$0.80 110 250\n$0.70 145 215\n$0.60 180 180\n$0.50 215 145\n$0.40 250 110\n$0.30 285 75\nthe equilibrium quantity and equilibrium price are, respectively, ______ bags per month and $______. \n145; 0.40\n180; 0.60\n180; 0.80\n215; 0.50

table: the market for salt and vinegar chips\nprice (per bag) quantity demanded (bags per month) quantity supplied (bags per month)\n$0.90 75 285\n$0.80 110 250\n$0.70 145 215\n$0.60 180 180\n$0.50 215 145\n$0.40 250 110\n$0.30 285 75\nthe equilibrium quantity and equilibrium price are, respectively, ______ bags per month and $______. \n145; 0.40\n180; 0.60\n180; 0.80\n215; 0.50

Answer

Explanation:

Step1: Recall equilibrium concept

Equilibrium occurs when quantity demanded equals quantity supplied.

Step2: Check table values

Looking at the table, when the price is $0.60 per bag, the quantity demanded is 180 bags per month and the quantity supplied is also 180 bags per month.

Answer:

180; 0.60