Part 2: Your teacher will return your "Finding Equilibrium Price" table, with the "Quantity Supplied" column filled in.
1) Look at the quantity supplied of your good or service, at each price level. Compare this quantity with the quantity
demanded, at each price level. Find the equilibrium price and write it down on a piece of paper.
Note: Your equilibrium price is based on your data. Even if two people choose the same good or service, the equilibrium
prices may be different
2) In 1-2 sentences, define an equilibrium price and explain how you found the equilibrium price for your good or service.
3) Look at the price level(s) that are less than the equilibrium price. At these prices, which is greater the quantity supplied
or the quantity demanded? Is there excess supply or excess demand? Write down your answers to both questions
4) Next, look at the price level(s) that are greater than the equilibrium price. At these prices, which is greater: the quantity
supplied or the quantity demanded? Is there excess supply or excess demand? Write down your answers to both
questions.
5) After you complete steps 1-4, hand in Part 2 of your project.
Congratulations! You can now work the supply and demand circuit to find an equilibrium price!