I need the answers for A B C D Please use full sentences to

I need the answers for A, B, C & D. Please use full sentences to support answers in a logical manner.

By Upload Assignment: Graded Hi Microsoft Word aleuzenew exercis X C Please Use Full Sentences Tos G3) Though they are older, many X+ ? https://blackboard viccnet.edu/bbcs webdav/pid-4030696-dt-content-rid-26993379_1/institution/CITL/Humanities Social an ? 6 of 6 - + Automatic Zoom 6) The table below provides information on the quantity of laptops supplied and demanded in a market at various prices. Consider this information and answer the following questions Price $800 $900 $1,000 $1,100 $1,200 $1,300 $1,400 Qs 300,000 400,000 500,000 600,000 700,000 800,000 900,000 QD 1,100,000 1,000,000 900,000 800,000 700,000 600,000 500,000 a) What is the equilibrium price of a laptop in this market? How do you know that it is the equilibriumm price? b) Suppose the government set a minimum laptop price of $1,300 in an attempt to help laptop makers. How many more or fewer laptops would consumers purchase compared to the number they purchased at equilibrium? 558 3

Solution

a. Equilibrium price = 1200
Equilibrium quantity = 700000
As quantity demanded = quantity supplied

b. Since the minimum laptop price is greater than equilibrium price there would be supply of 800000 and demand of 600000 leading to surplus of 200000 laptops

c. It experiences surplus of 200000 laptops

d. For $1000, there would be lesser supply of 500000 and increased demand of 900000 leading to shortage of 400000 laptops