1995 WAEC Economics Theory Use the schedule to answer the follow-ing questions: Price per annum Quantity  Demanded Quantity Supplied...

1995 WAEC Economics Theory Use the schedule to answer the follow-ing questions: Price per annum Quantity Demanded Quantity Supplied...

WAEC 1995

Use the schedule to answer the follow-ing questions:

Price per annum	Quantity Demanded	Quantity Supplied per week
5	500	60
6	400	150
7	300	300
8	250	400
9	150	500
10	50	600

(a) At what price and quantity does the market attain equilibrium and why?
(b) At what prices does the market exhibit excess demand and by how many units?
(c) At what prices does the market exhibit excess supply and by how many units?
(d) At what price will the supplier be willing to sell most? What quantity will he be willing to sell at that