TTT Table 1: Quantity demanded and supplied for the "Boost Juice" Price ($) Quantity demanded Quantity supplied 4 2,000 1,500 6 1,600 1,600 8. 1,200 800 1,700 1,800 1,900 10 12 400 14 2,000 4. Draw the demand and supply curves for "Boost Juice". What are the equilibrium price and quantity of drinks? Explain why this is the equilibrium point. Label all axis and curves. 5. Explain, using the graph in question 4 above, what would happen if the price was initially $4? Identify any surplus or shortage on the graph above. Label all axis and curves.

TTT Table 1: Quantity demanded and supplied for the "Boost Juice" Price ($) Quantity demanded Quantity supplied 4 2,000 1,500 6 1,600 1,600 8. 1,200 800 1,700 1,800 1,900 10 12 400 14 2,000 4. Draw the demand and supply curves for "Boost Juice". What are the equilibrium price and quantity of drinks? Explain why this is the equilibrium point. Label all axis and curves. 5. Explain, using the graph in question 4 above, what would happen if the price was initially $4? Identify any surplus or shortage on the graph above. Label all axis and curves.

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter20: Elasticity: Demand And Supply

Section: Chapter Questions

Problem 2E: Plot the price and quantity data given in the demand schedule of exercise 1. Put price on the...

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