answers for all question 3 with work shown please and thank you 3. Use the graph of supply and demand below to answer the following questions15-14-10+9+4+3+2+1+46.79 10 11 12 13 14 15 16 17Price ($)a. Identify and label the supply and demand functions above.b. If the price is $3 per item, is there a surplus or a shortage? Explain.c. For what price(s) would there be a shortage?d. Give the coordinates of the equilibrium point. Interpret the meaning of these coordinates.Quantity (hundreds of items)

The equilibrium is set up where the demand and supply are equal. Price prevailing at the equilibrium…

Answered: 3. Use the graph of supply and demand…

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3. Use the graph of supply and demand below to answer the following questions

Principles of Microeconomics

7th Edition

ISBN:9781305156050

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter4: The Market Forces Of Supply And Demand

Section: Chapter Questions

Problem 8PA

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Concept explainers

Financial Statements

Financial statements (or financial reports) are the formal records of the financial activities that are undertaken by a firm. They are convenient instruments used for analyzing a company’s financial position and performance. Financial ratios are created with the help of the numerical values that are derived from the financial statements. They give meaningful information about the financial performance of the company.

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answers for all question 3 with work shown

please and thank you

3. Use the graph of supply and demand below to answer the following questions
15-
14-
10+
9+
4+
3+
2+
1+
4
6.
7
9 10 11 12 13 14 15 16 17
Price ($)
a. Identify and label the supply and demand functions above.
b. If the price is $3 per item, is there a surplus or a shortage? Explain.
c. For what price(s) would there be a shortage?
d. Give the coordinates of the equilibrium point. Interpret the meaning of these coordinates.
Quantity (hundreds of items)

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