Answered: 8. Market equilibrium The following…

Business

Economics

8. Market equilibrium The following table shows the annual demand and supply in the market for shoes in Miami.

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

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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Question

I need help graphing this, Thank You!!

Based on the preceding table, plot the demand for shoes on the following graph using the blue points (circle symbol). Next, plot the supply of shoes
using the orange points (square symbol). Finally, use the black point (cross symbol) to indicate the equilibrium price and quantity in the market for
shoes.
120
100
8
PRICE (Dollars per pair of shoes)
8
9
&
350
700
1010
1400
QUANTITY (Pairs of shoes)
1750
2100
Demand
-P
Supply
+
Equilibrium

8. Market equilibrium
The following table shows the annual demand and supply in the market for shoes in Miami.
Price
(Dollars per pair of shoes)
20
40
60
80
100
Quantity Demanded
(Pairs of shoes)
1,925
1,400
1,050
700
350
Quantity Supplied
(Pairs of shoes)
350
875
1,575
1,750
2,100
Based on the preceding table, plot the demand for shoes on the following graph using the blue points (circle symbol). Next, plot the supply of shoes
using the orange points (square symbol). Finally, use the black point (cross symbol) to indicate the equilibrium price and quantity in the market for
shoes.

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