One of Tables 1.28 and 1.29 represents a supply curve; the other represents a demand

Chapter 1, Problem 27

(choose chapter or problem)

One of Tables 1.28 and 1.29 represents a supply curve; the other represents a demand curve. (a) Which table represents which curve? Why? (b) At a price of $155, approximately how many items would consumers purchase? (c) At a price of $155, approximately how many items would manufacturers supply? (d) Will the market push prices higher or lower than $155? (e) What would the price have to be if you wanted consumers to buy at least 20 items? (f) What would the price have to be if you wanted manufacturers to supply at least 20 items? Table 1.28 p ($/unit) 182 167 153 143 133 125 118 q (quantity) 5 10 15 20 25 30 35 Table 1.29 p ($/unit) 6 35 66 110 166 235 316 q (quantity) 5 10 15 20 25 30 35 2