The market for wool in the economy of Odessa is shown in the table below (note that quantities are given in tonnes per year). Price ($) Quantity denanded 100 200 300 5ee 780 160 140 12e 18e se Quantity denanded 2 190 170 150 130 110 90 70 Quantity supplied Quantity supplied 2 1e 20 30 4e se 6e 70 15 30 45 60 75 90 105 a. Plot the demand and supply curves, Di and Sy in the graphing area below. Also mark the equilibrium, E1. in the graph. Choose the appropriate tool and plot only the two endpoints for every line or curve drawn in the graph below. Remember to also plot the equilibrium using the tool E1. Market for Wool in Odessa 800 Tools 700 600 500 400 300 200 E 100 20 40 60 80 100 120 140 160 180 200 Quantity of wool (tonnes per year) | b. The equilibrium price is S 600 and the equilibrium quantity is 60 tonnes per year. c. f the price of wool was $400, there would be a Shortage o of 60 tonnes per year. Suppose that the demand were to increase by 30. Show new quantity demanded 2 in the table ab ve. e. Draw the new demand curve. D2. in the graph and mark the new equilibrium as E2. Plot the two endpoints of the new demand curve and the equilibrium, E2 Price

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Chapter1: Making Economics Decisions
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Please help with the calculation for total revenue in part C please show how was calcualted thankyou 

The market for wool in the economy of Odessa is shown in the table below (note that quantities are given in tonnes per year).
Price ($)
Quantity denanded
Quantity denanded 2
Quantity supplied
Quantity supplied 2
100
200
300
400
500
600
700
16e
140
120
100
se
6e
190
170
150
130
110
90
70
10
20
30
40
se
6e
70
15
30
45
60
75
90
105
a. Plot the demand and supply curves. Di and Si in the graphing area below. Also mark the equilibrium. E1. in the graph. Choose the
appropriate tool and plot only the two endpoints for every line or curve drawn in the graph below. Remember to also plot the
equilibrium using the tool E.
Market for Wool
in Odessa
800
Tools
700
D1
600
500
S
400
300
200
100
20 40 60 80 100 120 140 160 180 200
Quantity of wool (tonnes per year)
|
b. The equilibrium price is $
and the equilibrium quantity is
600
60
tonnes per year.
c. If the price of wool was $400, there would be a shortage
of
60 O tonnes per year.
d. Suppose that the demand were to increase by 30. Show the new quantity demanded 2 in the table above.
e. Draw the new demand curve. D2. in the graph and mark the new equilibrium as E2. Plot the two endpoints of the new demand curve and the
equilibrium, E2.
Price
Transcribed Image Text:The market for wool in the economy of Odessa is shown in the table below (note that quantities are given in tonnes per year). Price ($) Quantity denanded Quantity denanded 2 Quantity supplied Quantity supplied 2 100 200 300 400 500 600 700 16e 140 120 100 se 6e 190 170 150 130 110 90 70 10 20 30 40 se 6e 70 15 30 45 60 75 90 105 a. Plot the demand and supply curves. Di and Si in the graphing area below. Also mark the equilibrium. E1. in the graph. Choose the appropriate tool and plot only the two endpoints for every line or curve drawn in the graph below. Remember to also plot the equilibrium using the tool E. Market for Wool in Odessa 800 Tools 700 D1 600 500 S 400 300 200 100 20 40 60 80 100 120 140 160 180 200 Quantity of wool (tonnes per year) | b. The equilibrium price is $ and the equilibrium quantity is 600 60 tonnes per year. c. If the price of wool was $400, there would be a shortage of 60 O tonnes per year. d. Suppose that the demand were to increase by 30. Show the new quantity demanded 2 in the table above. e. Draw the new demand curve. D2. in the graph and mark the new equilibrium as E2. Plot the two endpoints of the new demand curve and the equilibrium, E2. Price
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