Question

Answer the following questions based on the tables below.

Buyer Willingness to Pay for One Unit
A $35
B 33
C 27
D 22
E 21
F 13
G 13
H 12
I 6

Seller Willingness to Sell One Unit
A $4
B 9
C 12
D 14
E 15
F 21
G 23
H 30
I 51


Required:
a. The quantity demanded at a price of $10 is:_____________
b. The quantity supplied at a price of $10 is: _____________
c. The quantity demanded at a price of $25 is:_______________.
d. The quantity supplied at a price of $25 is: 7 units:__________

Answer 1

8

2

3

7

Step-by-step explanation:

The willingness to pay of a buyer is the highest amount a buyer is willing to purchase a product.

As long as the willingness to pay is greater than the price of a good, the buyer would purchase the item

The willingness to sell of a seller is the least amount a seller is willing to sell a product.

The seller would sell an item as long as the price of the good is greater than the willingness to sell of a seller.

When price is $10, the quantity demanded is - A, B. C. D. E. F. G. H . That is eight units

When price is $10, the quantity supplied is A, B That is 2 units

When price is $25, the quantity demanded is A, B. C That is 3 units

When price is $25, the quantity supplied is A, B. C. D. E. F. G. That is 7 units