Unsure where to plot equilibrium The following table shows the weekly demand and supply in the market for shorts in Miami.Price(Dollars per pair of shorts)612PRICE (Dollars per pair of shorts)36Based on the preceding table, plot the demand for shorts on the following graph using the bluepoints (circle symbol). Next, plot the supply of shorts using the orange points (square symbol).Finally, use the black point (cross symbol) to indicate the equilibrium price and quantity in themarket for shorts.30241812182430300☐600000QUANTITY (Pairs of shorts)OQuantity Demanded(Pairs of shorts)1,6501,3501,200900750120015001800Demand+Quantity Supplied(Pairs of shorts)3006007501,3501,800Supply+Equilibrium

Answered: Unsure where to plot equilibrium

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Unsure where to plot equilibrium

The following table shows the weekly demand and supply in the market for shorts in Miami.
Price
(Dollars per pair of shorts)
6
12
PRICE (Dollars per pair of shorts)
36
Based on the preceding table, plot the demand for shorts on the following graph using the blue
points (circle symbol). Next, plot the supply of shorts using the orange points (square symbol).
Finally, use the black point (cross symbol) to indicate the equilibrium price and quantity in the
market for shorts.
30
24
18
12
18
24
30
300
☐
600
000
QUANTITY (Pairs of shorts)
O
Quantity Demanded
(Pairs of shorts)
1,650
1,350
1,200
900
750
1200
1500
1800
Demand
+
Quantity Supplied
(Pairs of shorts)
300
600
750
1,350
1,800
Supply
+
Equilibrium

Expert Solution

Step 1

Demand curve plots the quantity demanded by the consumers at different prices during a given period of time. Supply curve plots quantity produced by the suppliers at different prices during a given period of time.

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