Price Quantity Demanded Quantity Supplied (Gallons of orange juice) (Dollars per gallon of orange juice) (Gallons of orange juice) 500 50 400 150 300 200 200 300 10 100 450 On the following graph, plot the demand for orange juice using the blue point (circle symbol). Next, plot the supply of orange juice using the orange point (square symbol). Finally, use the black point (plus symbol) to indicate the equilibrium price and quantity in the market for orange juice. Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically. 12 Demand Supply Equilibrium 4 100 200 300 400 500 600 QUANTITY (Gallons of orange juice) PRICE (Dollars per gallon of orange juice)
Price Quantity Demanded Quantity Supplied (Gallons of orange juice) (Dollars per gallon of orange juice) (Gallons of orange juice) 500 50 400 150 300 200 200 300 10 100 450 On the following graph, plot the demand for orange juice using the blue point (circle symbol). Next, plot the supply of orange juice using the orange point (square symbol). Finally, use the black point (plus symbol) to indicate the equilibrium price and quantity in the market for orange juice. Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically. 12 Demand Supply Equilibrium 4 100 200 300 400 500 600 QUANTITY (Gallons of orange juice) PRICE (Dollars per gallon of orange juice)
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:Price
Quantity Demanded
Quantity Supplied
(Gallons of orange juice)
(Dollars per gallon of orange juice)
(Gallons of orange juice)
500
50
400
150
300
200
200
300
10
100
450
On the following graph, plot the demand for orange juice using the blue point (circle symbol). Next, plot the supply of orange juice using the orange
point (square symbol). Finally, use the black point (plus symbol) to indicate the equilibrium price and quantity in the market for orange juice.
Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically.
12
Demand
Supply
Equilibrium
4
100
200
300
400
500
600
QUANTITY (Gallons of orange juice)
PRICE (Dollars per gallon of orange juice)
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