The following graph shows the monthly demand and supply curves in the market for teapots.Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph.Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly.Graph Input ToolMarket for Teapots8072I Price(Dollars per teapot)1664SupplyQuantityDemanded(Теаpots)Quantity Supplied(Теаpots)31019056484032Demand2416850 100 150 200 250 300 350 400 450 500QUANTITY (Teapots)PRICE (Dollars per teapot) The equilibrium price in this market is $per teapot, and the equilibrium quantity isteapots bought and sold per month.Complete the following table by indicating at each price whether there is a shortage or surplus in the market, the amount of that shortage or surplus,and whether this places upward or downward pressure on prices.DownwardPriceShortage or Surplus AmountUpward(Dollars per teapot)Shortage or Surplus(Теаpots)4832

At equilibrium point, demand and supply curve intersects each other. ---------- There is shortage…

Answered: Graph Input Tool Market for Teapots 80…

Graph Input Tool Market for Teapots 80 72 Price (Dollars per teapot) 16 Supply 64 Quantity Demanded (Теарots) Quantity Supplied (Teapots) 310 19 - 56 48

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Please give a detailed solution with an explanation. Please make sure the graph is visible, clear, and detailed as possible and provide the coordinates for each point as well.
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