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What are the items for evaluation (knowledge, skills, and attitudes) for a warehouse environment, and what are the self-assessment and mentor review records?
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Step-by-step solution
4 stepsComplete the demand schedule and supply schedule.
The supply schedule is given as:
Draw the demand and supply diagram.
Plot price on vertical axis ($0 to $10), quantity on horizontal axis (0 to 20 units).
Demand curve: downward sloping line joining (Q=20, P=1) to (Q=2, P=10).
Supply curve: upward sloping line joining (Q=0, P=1) to (Q=18, P=10).
Curves intersect at equilibrium point (Q=10 units, P=$6).Identify surplus or shortage at given prices (Q2 table).
For price = $2:
Quantity demanded = 18 units
Quantity supplied = 2 units
Shortage = unitsFor price = $4:
Quantity demanded = 14 units
Quantity supplied = 6 units
Shortage = unitsFor price = $5:
Quantity demanded = 12 units
Quantity supplied = 8 units
Shortage = unitsFor price = $8:
Quantity demanded = 6 units
Quantity supplied = 14 units
Surplus = unitsFind equilibrium price and quantity.
From schedule, QD = QS at price = $6, quantity = 10 units.
Algebraic verification:
Demand: units
Supply: units
Set :
dollars
unitsEquilibrium: price = $6, quantity = 10 units.
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