Using the following demand schedule and a graph sheet plot the demand and supply
ID: 1244962 • Letter: U
Question
Using the following demand schedule and a graph sheet plot the demand and supply curves? Also, show the market equilibrium point on the graph. And what is the market equilibrium quantity?Demand and Supply Schedule PRICE ($)
QUANTITY DEMANDED
QUANTITY SUPPLIED
20 30 140 18 40 120 16 60 110 14 70 100 10
80
80
6
100
60
4
110
50
2
120
40
PRICE ($)
QUANTITY DEMANDED
QUANTITY SUPPLIED
20 30 140 18 40 120 16 60 110 14 70 100 10
80
80
6
100
60
4
110
50
2
120
40
PRICE ($)
QUANTITY DEMANDED
QUANTITY SUPPLIED
20 30 140 18 40 120 16 60 110 14 70 100 10
80
80
6
100
60
4
110
50
2
120
40
Explanation / Answer
Graph the price on the y-axis and the quantity on the x-axis. The market equilibrium is where supply and demand are the same--80 units at $10.
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