The following table shows the monthly demand and supply in the market for shoes in New York City. Price Quantity Demanded Quantity Supplied (Dollars per pair of shoes) (Pairs of shoes) (Pairs of shoes) 20 1,100 200 40 900 400 60 800 500 80 600 900 100 500 1,200 On the following graph, plot the demand for shoes using the blue point (circle symbol). Next, plot the supply of shoes using the orange point (square symbol). Finally, use the black point (plus symbol) to indicate the equilibrium price and quantity in the market for shoes. Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically.
The following table shows the monthly demand and supply in the market for shoes in New York City. Price Quantity Demanded Quantity Supplied (Dollars per pair of shoes) (Pairs of shoes) (Pairs of shoes) 20 1,100 200 40 900 400 60 800 500 80 600 900 100 500 1,200 On the following graph, plot the demand for shoes using the blue point (circle symbol). Next, plot the supply of shoes using the orange point (square symbol). Finally, use the black point (plus symbol) to indicate the equilibrium price and quantity in the market for shoes. Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
10. Market equilibrium
The following table shows the monthly demand and supply in the market for shoes in New York City.
|
|
Quantity Demanded
|
Quantity Supplied
|
|---|---|---|
|
(Dollars per pair of shoes)
|
(Pairs of shoes)
|
(Pairs of shoes)
|
| 20 | 1,100 | 200 |
| 40 | 900 | 400 |
| 60 | 800 | 500 |
| 80 | 600 | 900 |
| 100 | 500 | 1,200 |
On the following graph, plot the demand for shoes using the blue point (circle symbol). Next, plot the supply of shoes using the orange point (square symbol). Finally, use the black point (plus symbol) to indicate the equilibrium price and quantity in the market for shoes.
Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically.
Transcribed Image Text:On the following graph, plot the demand for shoes using the blue point (circle symbol). Next, plot the supply of shoes using the orange point (square
symbol). Finally, use the black point (plus symbol) to indicate the equilibrium price and quantity in the market for shoes.
Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically.
120
100
Demand
80
Supply
60
Equilibrium
200
400
600
800
1000
1200
QUANTITY (Pairs of shoes)
PRICE (Dollars per pair of shoes)
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