help The following calculator depicts the market for scarves. The downward, slop

Question

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The following calculator depicts the market for scarves. The downward, sloping (blue) line represents demand, and the upward-sloping (orange) line represents supply. You can enter a price (in dollars)in to the price of a Scarf box to see the quantity demanded and quantity supplied at that price. Use the calculator to help you answer question. You will not be graded an any changes you make to the calculator. Tool tip: Use your mouse to drag the green line an the graph. The values in the boxes on the right side of the calculator will change accordingly. You can also directly change the values in the boxes with the backgurond by clicking in the box and typing. you click the Calculate button, the graph and related values will change accordingly. The equilibrium price of a scarf in that market is per scarf, and the equiliorium quantity is scarves bought and sold per month. Suppose the price of a scarf is 35. In this case, there would be of scarves per month, which would exert price of a scarf is 23. In this case, there would month, which would exert pressure on prices.

Explanation / Answer

FILL UPS

1 25, 2 300,

3 EXCESS SUPPLY

4 --- 200

5 DOWNWARD

5 EXCESS DEMAND

6----200

7 UPWARD

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