Given the below table, graph the demand and supply curves for flashlights. Make certain to label equilibrium price and equilibrium quantity 1. What is the equilibrium price and equilibrium quantity? 2.Suppose the price is currently at $5. What problem would exist in the economy? What would you expect to happen to price? Show this on your graph. 3.Suppose the price is currently $2. What problem exists in the economy? What would you expect to happen to price? Show this on your graph. Price Quantity Demanded/Month Quantity Supplied/Month $5 6,000 10,000 $4 8,000 8,000 $3 10,000 6,000 $2 12,000 4,000 $1 14,000 2,000

Given the below table, graph the demand and supply curves for flashlights. Make certain to label equilibrium price and equilibrium quantity 1. What is the equilibrium price and equilibrium quantity? 2.Suppose the price is currently at $5. What problem would exist in the economy? What would you expect to happen to price? Show this on your graph. 3.Suppose the price is currently $2. What problem exists in the economy? What would you expect to happen to price? Show this on your graph. Price Quantity Demanded/Month Quantity Supplied/Month $5 6,000 10,000 $4 8,000 8,000 $3 10,000 6,000 $2 12,000 4,000 $1 14,000 2,000

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter5: Markets In Motion And Price Controls

Section: Chapter Questions

Problem 10P

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Similar questions

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