Price Brian's Quantity Demanded Crystal's Quantity Demanded (Dollars per slice) (Slices) (Slices) 1 8 16 2 12 3 4 8. 4 2 6 5 4 On the following graph, plot Brian's demand for pizza slices using the green points (triangle symbol). Next, plot Crystal's demand for pizza slices using the purple points (diamond symbol). Finally, plot the market demand for pizza slices using the blue points (circle symbol). Note: Line segments will automatically connect the points. Remember to plot from left to right. 6 Brian's Demand Crystal's Demand Market Demand 1 4 8 12 16 20 24 QUANTITY (Slices) PRICE (Dollars per slice)
i need help with this one
Demand: Demand for a commodity can be defined as the desire and willingness of a consumer to acquire a commodity backed by the purchasing power of the consumer. The law of demand is the principle in which the relationship between price and quantity demanded of a commodity is explained; there exists an inverse relationship between the price and quantity demanded of a commodity. With the fall in the price of the commodity, the quantity demanded of the commodity tends to rise and vice versa.
Supply: Supply for a commodity can be defined as the number of goods and services that are being made available in the market by the producer for the consumer to be consumed. The law of supply is the principle in which the relationship between price and quantity supplied of a commodity is explained: there exists a positive relationship between the price and quantity supplied of a commodity. With the rise in the price of the commodity, the quantity supplied of the commodity tends to rise and vice versa.
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images
