12. Market equilibrium The following table shows the monthly demand and supply in the market for shorts in New Vork City. Price Quantity Demanded Quantity Supplied (Dollars per pair of shorts) (Pairs of shorts) (Pairs of shorts) 1.650 300 12 1.350 600 18 1.200 750 24 900 1,350 30 750 1.800 On the following graph, plot the demand for sharts using the blue point (circie symbol). Next, plot the supply of shorts using the orange point (square symbol). Finally, use the black point (plus symbol) to indicate the equilibrium price and quantity in the market for shorts. Note: Plot your points in the order in which you would like them connected. Line segments vill connect the points automatically.

12. Market equilibrium The following table shows the monthly demand and supply in the market for shorts in New Vork City. Price Quantity Demanded Quantity Supplied (Dollars per pair of shorts) (Pairs of shorts) (Pairs of shorts) 1.650 300 12 1.350 600 18 1.200 750 24 900 1,350 30 750 1.800 On the following graph, plot the demand for sharts using the blue point (circie symbol). Next, plot the supply of shorts using the orange point (square symbol). Finally, use the black point (plus symbol) to indicate the equilibrium price and quantity in the market for shorts. Note: Plot your points in the order in which you would like them connected. Line segments vill connect the points automatically.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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