The following table shows the monthly demand and supply in the market for ice cream in New York City. Price (Dollars per gallon of ice cream) 8 12 16 20 Quantity Demanded (Gallons of ice cream) 2,000 1,600 1,200 800 400 Quantity Supplied (Gallons of ice cream) 200 600 800 1,200 1,800 On the following graph, plot the demand for ice cream using the blue point (circle symbol). Next, plot the supply of ice cream using the orange point (square symbol). Finally, use the black point (cross symbol) to indicate the equilibrium price and quantity in the market for ice cream.
The following table shows the monthly demand and supply in the market for ice cream in New York City. Price (Dollars per gallon of ice cream) 8 12 16 20 Quantity Demanded (Gallons of ice cream) 2,000 1,600 1,200 800 400 Quantity Supplied (Gallons of ice cream) 200 600 800 1,200 1,800 On the following graph, plot the demand for ice cream using the blue point (circle symbol). Next, plot the supply of ice cream using the orange point (square symbol). Finally, use the black point (cross symbol) to indicate the equilibrium price and quantity in the market for ice cream.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
![The following table shows the monthly demand and supply in the market for ice cream in New York City.
Price
(Dollars per gallon of ice cream)
8
12
16
20
Quantity Demanded
(Gallons of ice cream)
2,000
1,600
1,200
800
400
Quantity Supplied
(Gallons of ice cream)
200
600
800
1,200
1,800
On the following graph, plot the demand for ice cream using the blue point (circle symbol). Next, plot the supply of ice cream using the orange point
(square symbol). Finally, use the black point (cross symbol) to indicate the equilibrium price and quantity in the market for ice cream.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F89375385-6390-4d15-b7e6-62a445801c0b%2F520c9f1a-5752-41c7-adc5-37e5587fbe23%2F2ylbnfe_processed.png&w=3840&q=75)
Transcribed Image Text:The following table shows the monthly demand and supply in the market for ice cream in New York City.
Price
(Dollars per gallon of ice cream)
8
12
16
20
Quantity Demanded
(Gallons of ice cream)
2,000
1,600
1,200
800
400
Quantity Supplied
(Gallons of ice cream)
200
600
800
1,200
1,800
On the following graph, plot the demand for ice cream using the blue point (circle symbol). Next, plot the supply of ice cream using the orange point
(square symbol). Finally, use the black point (cross symbol) to indicate the equilibrium price and quantity in the market for ice cream.
![PRICE (Dollars per gallon of ice cream)
24
20
16
12
00
A
0
400
800
1200
1600
QUANTITY (Gallons of ice cream)
2000
2400
Demand
Supply
Equilibrium
?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F89375385-6390-4d15-b7e6-62a445801c0b%2F520c9f1a-5752-41c7-adc5-37e5587fbe23%2Ftgqy4a_processed.png&w=3840&q=75)
Transcribed Image Text:PRICE (Dollars per gallon of ice cream)
24
20
16
12
00
A
0
400
800
1200
1600
QUANTITY (Gallons of ice cream)
2000
2400
Demand
Supply
Equilibrium
?
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