Question

Refer to the above table. At a price of $15 per unit, which of the following would exist? Price Per Unit Quantity Demanded Per Year Quantity Supplied Per Year $ 5 2,000 0 10 1,800 300 15 1,600 600 20 1,400 900 25 1,200 1,200 30 1,000 1,500 Refer to the above table. At a price of $15 per unit, which of the following would exist? a surplus of 600 units a surplus of 1,000 units a shortage of 1,600 units a shortage of 1,000 units

Answer 1

At a price per unit of $15, there would be a shortage of 1000 units

How to interpret the table?

The table of values is given as:

Price    Quantity Demanded  Quantity Supplied

$5             2,000                           0

10              1,800                            300

15              1,600                             600

20             1,400                             900

25             1,200                             1,200

30             1,000                            1,500

At a price per unit of $15, we have:

Price    Quantity Demanded  Quantity Supplied

15              1,600                             600

See that the quantity demanded is greater than the quantity supplied.

This means that there would be a shortage of

Shortage = 1600 - 600

Shortage = 1000

Hence, there would be a shortage of 1000 units

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