would be required for a transaction to occur at that quantity?

Problems

52. Review Figure 3.4 again. Suppose the price of gasoline is $1.00. Will the quantity demanded be lower or

higher than at the equilibrium price of $1.40 per gallon? Will the quantity supplied be lower or higher? Is

there a shortage or a surplus in the market? If so, of how much?

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53. Table 3.8 shows information on the demand and supply for bicycles, where the quantities of bicycles are

measured in thousands.

3 • Problems 83

Price Qd Qs

$120 50 36

$150 40 40

$180 32 48

$210 28 56

$240 24 70

TABLE 3.8

a. What is the quantity demanded and the quantity supplied at a price of $210?

b. At what price is the quantity supplied equal to 48,000?

c. Graph the demand and supply curve for bicycles. How can you determine the equilibrium price and

quantity from the graph? How can you determine the equilibrium price and quantity from the table?
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