Experiment with entering different values in the editable fields. Observe what changes take place on the graph itself and also in the uneditable fields inthe table. Don't worry about understanding the economics behind the question, just make sure you understand how to manipulate the values on thegraph.PRICE (Dollars per pair)706356494235282114700‒‒‒‒‒SupplyDemand14 28 42 56 70 84 98 112 126 140QUANTITY (Thousands of pairs of loafers)Graph Input ToolMarket for LoafersPrice(Dollars per pair)QuantityDemanded(Thousands of pairs)Surplus(Thousands of pairs)Demand ShifterPrice of Sneakers(Dollars per pair)49.00425630.00Quantity Supplied(Thousands of pairs)Shortage(Thousands of pairs)Supply ShifterPrice of Leather(Dollars per pound)?9807.00 Reset the graph to the initial state. Then, for each action described in the following table, indicate which elements on the graph (if any) are affected.Check all that apply. (Note: After changing the value in each field, be sure to again refresh back to the initial value before proceeding to the next rowin the table.)Entering 63.00 into the Price fieldEntering 10.50 into the Price ofLeather fieldEntering 37.00 into the Price ofSneakers fieldTrueDemandCurveFalseSupplyCurveTrue or False: You can reset the entire graph by selecting outside of the tool.GreenLineQuantityDemandedQuantitySuppliedSurplus Shortage

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Reset the graph to the initial state. Then, for each action described in the following table, indicate which elements on the graph (if any) are affected. Check all that apply. (Note: After changing the value in each field, be sure to again refresh back to the initial value before proceeding to the next row in the table.) Entering 63.00 into the Price field Entering 10.50 into the Price of Leather field Entering 37.00 into the Price of Sneakers field True Demand Curve O False Supply Curve True or False: You can reset the entire graph by selecting outside of the tool. Green Line Quantity Demanded □ Quantity Supplied | Surplus Shortage 0 ● 0 0

Reset the graph to the initial state. Then, for each action described in the following table, indicate which elements on the graph (if any) are affected. Check all that apply. (Note: After changing the value in each field, be sure to again refresh back to the initial value before proceeding to the next row in the table.) Entering 63.00 into the Price field Entering 10.50 into the Price of Leather field Entering 37.00 into the Price of Sneakers field True Demand Curve O False Supply Curve True or False: You can reset the entire graph by selecting outside of the tool. Green Line Quantity Demanded □ Quantity Supplied | Surplus Shortage 0 ● 0 0

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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