Draw a correctly labeled graph of supply and demand based on the demand and supply schedule below and answer questions 1 through 4 Table shows different quantities of goods demand and supplied at different prices. Price (Dollar) Quantity Demanded Quantity Supplied $4 1,200 0 $5 1,000 200 $6 800 400 $7 600 600 $8 400 800 $9 200 1,000 1. What is the equilibrium price and equilibrium quantity? 2. Identify a price on your graph that would result in excess supply. 3. If price of $5 persists for an extended period of time, what economic problem would result.
Draw a correctly labeled graph of
Table shows different quantities of goods demand and supplied at different prices.
| Price (Dollar) | Quantity Demanded | Quantity Supplied |
| $4 | 1,200 | 0 |
| $5 | 1,000 | 200 |
| $6 | 800 | 400 |
| $7 | 600 | 600 |
| $8 | 400 | 800 |
| $9 | 200 | 1,000 |
1. What is the
2. Identify a price on your graph that would result in
3. If price of $5 persists for an extended period of time, what economic problem would result.
4. If the government were to establish an effective
----------------------------------------------------------
You may choose the grid below to construct your graph. Use axis Y for price and axis X for quantity.
Denote equilibrium price "Pe" and equilibrium quantity "Qe".
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 3 images
