You’re given the following supply and demand tables: Demand Supply P Q P Q $0 1,200 $0 0 2 900 2 0 4 600 4 150 6 300 6 300 8 0 8 600 10 0 10 600 12 0…
You’re given the following supply and demand tables:
| Demand | Supply | ||
| P | Q | P | Q |
| $0 | 1,200 | $0 | 0 |
| 2 | 900 | 2 | 0 |
| 4 | 600 | 4 | 150 |
| 6 | 300 | 6 | 300 |
| 8 | 0 | 8 | 600 |
| 10 | 0 | 10 | 600 |
| 12 | 0 | 12 | 750 |
| 14 | 0 | 14 | 900 |
a. What is equilibrium price and quantity in a market system with no interferences?
Equilibrium price: $
Equilibrium quantity: units
b. If this were a third-party-payer market where the consumer pays $2, what is the quantity demanded? What is the price charged by the seller?
Quantity demanded: units
The price charged by the seller: $
c. What is total spending in the two situations described in a and b?
Total spending in part a: $
Total spending in part b: $
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