ECON 213: Problem Set 1 - Market Analysis, Consumer and Producer Surplus, and Economic Curves
Problem set on market analysis.
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ECON 213
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ECON 213: Problem Set 1 - Market Analysis, Consumer and Producer
Surplus, and Economic Curves
ECON 213
PROBLEM SET 1
Name: ______________________________________________
Problem Set 1 is to be completed by 11:59 p.m. (ET) on Monday of Module/Week 2.
1. Based on the information provided for the market for video games, answer the following questions.
PRICE Q
DEMANDED
Q
SUPPLIED
$50 5 9
$45 7 7
$40 9 5
$35 11 3
$30 13 1
a.) Draw and properly label the demand and supply graphs (this means you must label the axes and any
lines you include on the graph).
ORANGE LINE = DEMAND CURVE
BLUE LINE = SUPPLY CURVE
b.) What is the equilibrium price and quantity?
Page 1 of 6
ECON 213: Problem Set 1 - Market Analysis, Consumer and Producer
Surplus, and Economic Curves
ECON 213
PROBLEM SET 1
Name: ______________________________________________
Problem Set 1 is to be completed by 11:59 p.m. (ET) on Monday of Module/Week 2.
1. Based on the information provided for the market for video games, answer the following questions.
PRICE Q
DEMANDED
Q
SUPPLIED
$50 5 9
$45 7 7
$40 9 5
$35 11 3
$30 13 1
a.) Draw and properly label the demand and supply graphs (this means you must label the axes and any
lines you include on the graph).
ORANGE LINE = DEMAND CURVE
BLUE LINE = SUPPLY CURVE
b.) What is the equilibrium price and quantity?
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Document Details
University
Harvard University
Subject
Economics