### Supply and Demand Graph Analysis#### Graph ExplanationThe graph presented is a standard supply and demand curve chart. - **Axes**: - The vertical axis represents "Price" ranging from $1 to $13. - The horizontal axis represents "Quantity" ranging from 0 to 450.- **Curves**: - The **Supply Curve** is upward sloping, indicating that as the price increases, the quantity supplied increases. - The **Demand Curve** is downward sloping, indicating that as the price decreases, the quantity demanded increases.The intersection of these two curves is the equilibrium point, where the quantity supplied equals the quantity demanded.#### Scenario Question"If the Price were $6 in the market shown in the diagram above, there would be a _________ of _________ units."#### Multiple Choice Options- a. surplus 200- b. surplus 100- c. shortage 100- d. shortage 200To solve this, identify at which quantities the supply and demand curves intersect the $6 price level:- At $6, follow the lines on the graph to see where the supply and demand curves intersect: - The **Demand Curve** intersects at approximately 350 units. - The **Supply Curve** intersects at approximately 150 units.When the price is $6, the quantity demanded (350) exceeds the quantity supplied (150), resulting in a **shortage** of 200 units.Correct answer: **d. shortage 200**

Equilibrium is achieved at the output level where Qs equals Qd. Thus Q* = 200 units P* = $ 8

Answered: $13 $12 Supply $11 $10 $9 $8 3 $7 $6 $5…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

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$13 $12 Supply $11 $10 $9 $8 3 $7 $6 $5 $4 Demand $3 $2 $1 $0 50 100 150 200 250 300 350 400 450 Quantity e Price were $6 in the market shown in the diagram above, there would be a of units. ect one: a. surplus 200 b. surplus 100 c. shortage 100 d. shortage 200