Jack, Jill, Peter and Joe, are the only commodity traders for a (very specialized) product. Below are listed their quantity demanded and offer (quantity supplied)
Jack, Jill, Peter and Joe, are the only commodity traders for a (very specialized) product. Below are listed their quantity demanded and offer (quantity supplied) curves for this product at different prices. product at different prices. a) Market be in equilibrium? b) If not will there be an excess demand, or supply? c) By how much? d) If the supply and demand curves exist and are stable, and agents begin to respond to the, excess or surplus, supply or demand, what will happen to price? e) What agent will act to make this happen? f) Under these conditions, what price, and quantities demanded and supplied, point will this market gravitate toward? What is this point?
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