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If the price per dürüm is $8, there is Price per Dürüm Table 1 Quantity Demanded (Dürüms per Month) 1,500 1,200 KO 55 6 7 Quantity Supplied (Dürüms per Month) 500 700 900 1
If the price per dürüm is $8, there is Price per Dürüm Table 1 Quantity Demanded (Dürüms per Month) 1,500 1,200 KO 55 6 7 Quantity Supplied (Dürüms per Month) 500 700 900 1.100 1.300 9 300 an excess supply of 500 dürüms an excess demand of 69 an excess supply of 69. an excess demand of 500 dürüms If two goods are substitutes then a fall in the price of one good leads to a rise in the price of the other good does not affect the demand for the other good O leads to a lettward shift in the demand for the other good leads to rightward shift is the demand for the other good
Expert Solution
Answer 1. An excess supply of 500 durums
Reason-
When price=$8,
Quantity demanded= 600
Quantity Supplied=1100
Excess Supply=1100-600= 500 durums
Answer 2. Leads to leftward shift in the Demand for other good.
Reason- When price of a substitute good falls, there will be a rise in demand for that good. So demand for other good falls. So demand curve shifts leftward.
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