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Mr. Peanut, Mr. Tree, Mr. Shrub, Mr. Sax, and Mr. Hoops are the only demanders of elliptical shaped, bleached finished desks. The only two producers of these desks are Oval Office Furniture and White House Interiors. Below is the supply schedule for both these firms and the demand schedules for the 5 consumers:
Peanut Tree Shrub Sax Hoops
P Q P Q P Q P Q P Q
50 7 50 12 50 8 50 18 50 3 100 5 100 8 100 5 100 17 100 2
150 3 150 4 150 3 150 16 150 1
200 1 200 0 200 2 200 15 200 0
250 0 250 0 250 1 250 14 250 0
300 0 300 0 300 0 300 13 300 0
Oval Office White House
P Q P Q
50 0 50 3
100 2 100 5 150 4 150 7
200 7 200 11
250 10 250 18
300 15 300 28
a) Make a table representing the market demand, and a 2nd table representing the market supply. Use this information to find the market equilibrium price and quantity. (1 point)
b) Suppose that something happens to either one of the demanders or one of the suppliers. This results in a market price of 150 and a market quantity of 11. Was the change to a supplier or a demander? How can you tell? Can you be more specific about which specific supplier or demander had a change? (1 point)
 
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