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
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