use the information on the kumquat market in the following table to answer the questions. (quantities are…
use the information on the kumquat market in the following table to answer the questions. (quantities are given in millions of crates per year.)price (per crate) quantity demanded quantity supplied$5 140 4010 130 8015 120 12020 110 16025 100 20030 90 240the equilibrium price is $□ and the equilibrium quantity is □ million crates. (enter your responses as integers.)
Answer
Explanation:
Step1: Identify equilibrium condition
Equilibrium occurs where quantity demanded = quantity supplied.
Step2: Match values in table
Look for the row where Quantity Demanded = Quantity Supplied. From the table, at price $$15$, quantity demanded = 120 and quantity supplied = 120.
Answer:
The equilibrium price is $$15$ and the equilibrium quantity is 120 million crates.