Math Problem Statement

Suppose that the quantity demanded (QD) and the quantity supplied (QS) in the market for apple under certain price levels are listed in the table below.

[ Price ($) ] 

 QD (kg) ] 

  QS (kg) ]  

5

2868

5815

4

3300

5800

3

4300

4300

2

5200

3150

1

6000

2900

Suppose the demand curve is non-increasing and the supply curve non-decreasing.  When the price is $6, there will be an excess supply of at least [Answer] kgs of apple.

(In decimal numbers, with two decimal places, please.)

Solution

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Math Problem Analysis

Mathematical Concepts

Supply and Demand Analysis
Excess Supply
Non-Increasing and Non-Decreasing Functions

Formulas

Excess Supply = Quantity Supplied (QS) - Quantity Demanded (QD)

Theorems

Law of Supply
Law of Demand

Suitable Grade Level

Grades 9-12