100 90 80 70 60 50 40 1. Plot and graph the data on the supply curve. P 50.00 60.00 70.00 80.00 90.00 100.00 110.00 S Figure 1: Price and Quantity Supplied of Tilapia Legend: P-Price, S-Supply, Qd- Quantity Demanded 4. Plot and graph the data on the supply curve. 40 50 60 70 80 90 100 2. Analyze the data and describe the supply curve. 3. Compute the elasticity of demand and supply with an implication based on the estimated results. Qd
100 90 80 70 60 50 40 1. Plot and graph the data on the supply curve. P 50.00 60.00 70.00 80.00 90.00 100.00 110.00 S Figure 1: Price and Quantity Supplied of Tilapia Legend: P-Price, S-Supply, Qd- Quantity Demanded 4. Plot and graph the data on the supply curve. 40 50 60 70 80 90 100 2. Analyze the data and describe the supply curve. 3. Compute the elasticity of demand and supply with an implication based on the estimated results. Qd
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
ANSWER 1-3 ONLY
![P
1. Plot and graph the data on the supply curve.
Quantity Demanded (in kgs)
100
90
80
70
60
50
40
P
P
Price (Php)
50.00
60.00
4. Plot and graph the data on the supply curve.
70.00
80.00
90.00
100.00
110.00
2. Analyze the data and describe the supply curve.
3. Compute the elasticity of demand and supply with an implication based on the estimated results.
S
Figure 1: Price and Quantity Supplied of Tilapia
Legend: P-Price, S-Supply, Qd - Quantity Demanded
D
D
Quantity Supplied (in kgs)
40
50
60
70
80
90
100
Figure 2: Price and Quantity Demanded of Tilapia
Legend: P-Price, D - Demand, Qd - Quantity Demanded
5. Analyze the data and describe the curve.
6. Using the data from the demand and supply, determine the equilibrium point of the demand and
supply curves.
S
Figure 3: Equilibrium Price
Qd
Qd
Qd
7. How much is the price in the equilibrium point?
8. Suppose the price of rice is P85.00. Is the quantity demanded will be lower or higher than at the
equilibrium price of P80.00 per kilo? Is the quantity supplied be lower or higher? Is there a shortage or a
surplus in the market? If so, how much?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9154f631-8d9d-476c-83e9-d9b24356405d%2F57c443a8-72a4-47a2-bc59-7c5e18e90669%2Fzyykys9_processed.png&w=3840&q=75)
Transcribed Image Text:P
1. Plot and graph the data on the supply curve.
Quantity Demanded (in kgs)
100
90
80
70
60
50
40
P
P
Price (Php)
50.00
60.00
4. Plot and graph the data on the supply curve.
70.00
80.00
90.00
100.00
110.00
2. Analyze the data and describe the supply curve.
3. Compute the elasticity of demand and supply with an implication based on the estimated results.
S
Figure 1: Price and Quantity Supplied of Tilapia
Legend: P-Price, S-Supply, Qd - Quantity Demanded
D
D
Quantity Supplied (in kgs)
40
50
60
70
80
90
100
Figure 2: Price and Quantity Demanded of Tilapia
Legend: P-Price, D - Demand, Qd - Quantity Demanded
5. Analyze the data and describe the curve.
6. Using the data from the demand and supply, determine the equilibrium point of the demand and
supply curves.
S
Figure 3: Equilibrium Price
Qd
Qd
Qd
7. How much is the price in the equilibrium point?
8. Suppose the price of rice is P85.00. Is the quantity demanded will be lower or higher than at the
equilibrium price of P80.00 per kilo? Is the quantity supplied be lower or higher? Is there a shortage or a
surplus in the market? If so, how much?
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