Homework Answers
1) There is a shortage when quantity demanded is greater than quantity supplied. When this happens price rises as there is a competition among buyers that pushes the price up
There is a surplus when quantity demanded is smaller than quantity supplied. When this happens price falls as there is a competition among sellers that pushes the price down
Equilibrium price is 2.2 and equilibrium quantity is 270 units
| Price | Demand | Supply | Shortage | Surplus | Pressure on price |
| 1.8 | 320 | 200 | 120 | Rise | |
| 2 | 300 | 230 | 70 | Rise | |
| 2.2 | 270 | 270 | 0 | No change | |
| 2.4 | 230 | 300 | 70 | Fall | |
| 2.6 | 200 | 330 | 130 | Fall | |
| 2.8 | 180 | 350 | 170 | Fall |
2) Demand and supply curves are drawn below
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