Respond to the question with a concise and accurate answer, along with a clear explanation and step-by-step solution, or risk receiving a downvote.Experiment with entering different values in the editable fields. Observe what changes take place on the graph itself and also in the uneditable fields in the table. Don’t worry about understanding the economics behind the question, just make sure you understand how to manipulate the values on the graph. 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 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

In this exercise, we delve into the dynamics of a market using the Graph Input Tool. Our objective…

Respond to the question with a concise and accurate answer, along with a clear explanation and step-by-step solution, or risk receiving a downvote. Experiment with entering different values in the editable fields. Observe what changes take place on the graph itself and also in the uneditable fields in the table.

Respond to the question with a concise and accurate answer, along with a clear explanation and step-by-step solution, or risk receiving a downvote. Experiment with entering different values in the editable fields. Observe what changes take place on the graph itself and also in the uneditable fields in the table.

Economics Today and Tomorrow, Student Edition

1st Edition

ISBN:9780078747663

Author:McGraw-Hill

Publisher:McGraw-Hill

Chapter5: Buying The Necessities

Section: Chapter Questions

Problem 20AA

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can you do it now...Thank you
Briefly define
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