### Supply and Demand Graph ExplanationThe graph displayed is a standard supply and demand chart, often used in economics to illustrate the relationship between the price of a good and the quantity supplied and demanded.- **Axises:** - The vertical axis represents the "Price" ranging from $5 to $50. - The horizontal axis represents the "Quantity" ranging from 100 to 1000 units.- **Supply and Demand Curves:** - The **Supply Curve** slopes upwards from left to right, indicating that as the price increases, the quantity supplied also increases. - The **Demand Curve** slopes downwards from left to right, indicating that as the price decreases, the quantity demanded increases.- **Equilibrium Point:** - The intersection of the supply and demand curves indicates the equilibrium price and quantity, where the quantity supplied equals the quantity demanded.### Question**Refer to Figure 4-7. At what price would there be an excess demand of 600 units of the good?**- $20- $10- $15- $5 This question asks for the price at which the demand exceeds supply by 600 units. This can be determined by examining the gap between the supply and demand curves at a given price level.

Equilibrium is achieved at the output level where Qs equals Qd

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ENGR.ECONOMIC ANALYSIS

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Chapter1: Making Economics Decisions

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35 30 25 20 15 Demand 10 100 200 300 400 500 600 700 800 900 1000 QUANTITY fer to Figure 4-7. At what price would there be an excess demand of 600 units of the good? $20 $10 $15 $5 PRICE