K Market The data in the table below represent different demand and supply curves. Price per unit ($) 20.00 Price Quantity Supplied Quantity 18.00- per per Demanded Unit Unit of Time 16.00- per Unit of Time 14.00- $18 32 12 12.00- 2 16 28 10.00- Use the data in the table above to draw the linear supply and demand curves on the diagram to the right. 8.00- 6.00- 1.) Using the line drawing tool, illustrate both 4.00- the demand and supply curves. Label each line. 2.00- 2.) Using the point drawing tool, indicate the equilibrium point. Label this point 'P'. 0.00- Carefully follow the instructions above and only draw the required objects. Equilibrium price is $ and equilibrium quantity is units. 12 16 20 24 28 32 36 40 Quantity per unit of time G
K Market The data in the table below represent different demand and supply curves. Price per unit ($) 20.00 Price Quantity Supplied Quantity 18.00- per per Demanded Unit Unit of Time 16.00- per Unit of Time 14.00- $18 32 12 12.00- 2 16 28 10.00- Use the data in the table above to draw the linear supply and demand curves on the diagram to the right. 8.00- 6.00- 1.) Using the line drawing tool, illustrate both 4.00- the demand and supply curves. Label each line. 2.00- 2.) Using the point drawing tool, indicate the equilibrium point. Label this point 'P'. 0.00- Carefully follow the instructions above and only draw the required objects. Equilibrium price is $ and equilibrium quantity is units. 12 16 20 24 28 32 36 40 Quantity per unit of time G
Economics (MindTap Course List)
13th Edition
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Roger A. Arnold
ChapterA: Working With Diagrams
Section: Chapter Questions
Problem 2QP
Related questions
Question
please answer in text form and in proper format answer with must explanation , calculation for each part and steps clearly
Transcribed Image Text:K
Market
The data in the table below represent different
demand and supply curves.
Price per unit ($)
20.00
Price
Quantity Supplied
Quantity
18.00-
per
per
Demanded
Unit
Unit of Time
16.00-
per
Unit of Time
14.00-
$18
32
12
12.00-
2
16
28
10.00-
Use the data in the table above to draw the
linear supply and demand curves on the
diagram to the right.
8.00-
6.00-
1.) Using the line drawing tool, illustrate both
4.00-
the demand and supply curves. Label each line.
2.00-
2.) Using the point drawing tool, indicate the
equilibrium point. Label this point 'P'.
0.00-
Carefully follow the instructions above and only
draw the required objects.
Equilibrium price is $
and equilibrium
quantity is
units.
12 16 20 24 28 32 36 40
Quantity per unit of time
G
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