Use that number to start your Demand schedule. Use the number you came up with in #1 as the Quantity Demanded at $10. So, if you had "12" in # 1, then the first box under "Quantity Demanded (Qd)" would be "12". Note that at a Price = $60, Quantity Demanded equals 0 units and at Price = $10, Quantity Supplied ejuals 0 units. This will make graphing your demand and supply curves easier by giving you starting points on the vertical axis. Complete the demand schedule for the other prices in the table. For prices $20 - $50, fill in numbers of units of your choosing based on what you know about the Law of Demand and what you used for Qd at a Price of $10. (There is no specific “correct" set of numbers, but there is a correct "method" for choosing reasonable numbers.) Take whatever value of Quantity Demanded (units) you have at Price = $40, and use that same value for Quantity Supplied at Price = $40. Fill in values for Quantity Supplied (units) at $20-$30 and $50-$60 that make sense from what you understand about the Law of Supply. Price Quantity Demanded (Qd) Quantity Supplied (Qs) $10 28 $20 $30 $40

Use that number to start your Demand schedule. Use the number you came up with in #1 as the Quantity Demanded at $10. So, if you had "12" in # 1, then the first box under "Quantity Demanded (Qd)" would be "12". Note that at a Price = $60, Quantity Demanded equals 0 units and at Price = $10, Quantity Supplied ejuals 0 units. This will make graphing your demand and supply curves easier by giving you starting points on the vertical axis. Complete the demand schedule for the other prices in the table. For prices $20 - $50, fill in numbers of units of your choosing based on what you know about the Law of Demand and what you used for Qd at a Price of $10. (There is no specific “correct" set of numbers, but there is a correct "method" for choosing reasonable numbers.) Take whatever value of Quantity Demanded (units) you have at Price = $40, and use that same value for Quantity Supplied at Price = $40. Fill in values for Quantity Supplied (units) at $20-$30 and $50-$60 that make sense from what you understand about the Law of Supply. Price Quantity Demanded (Qd) Quantity Supplied (Qs) $10 28 $20 $30 $40

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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