Economics Today and Tomorrow, Student Edition
1st Edition
ISBN: 9780078747663
Author: McGraw-Hill
Publisher: Glencoe/McGraw-Hill School Pub Co
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Question
Chapter 7, Problem 20AA
To determine
To create: Agraph showing
Expert Solution & Answer
Explanation of Solution
From the given table, a graph for a person N’s sandwiches is presented. S and D represent the supply and
Now, the graph is plotted according to the table given in the question,
As the price will drop to $6.25, the quantity demanded will rise to 4.5, and the quantity supply will fall to 4.5. Therefore, the price at which quantity demanded equalizes quantity demanded is the equilibrium price which is $6.25 in this case.
Thus, the price of sandwich is $6.25.
Economics Concept Introduction
Introduction: The demand curve visualizes the relationship between a product or service’s price in a graphical presentation that is demanded in a particular period of time. The slope of the supply curve shows a positive or upward curve that indicates supply increases when the price increases.
Chapter 7 Solutions
Economics Today and Tomorrow, Student Edition
Ch. 7.1 - Prob. 1RCh. 7.1 - Prob. 2RCh. 7.1 - Prob. 3RCh. 7.1 - Prob. 4RCh. 7.1 - Prob. 5RCh. 7.2 - Prob. 1RCh. 7.2 - Prob. 2RCh. 7.2 - Prob. 3RCh. 7.2 - Prob. 4RCh. 7.2 - Prob. 5R
Ch. 7.2 - Prob. 6RCh. 7.3 - Prob. 1RCh. 7.3 - Prob. 2RCh. 7.3 - Prob. 3RCh. 7.3 - Prob. 4RCh. 7.3 - Prob. 5RCh. 7.4 - Prob. 1RCh. 7.4 - Prob. 2RCh. 7.4 - Prob. 3RCh. 7.4 - Prob. 4RCh. 7.4 - Prob. 5RCh. 7.4 - Prob. 6RCh. 7 - Prob. 1AACh. 7 - Prob. 2AACh. 7 - Prob. 3AACh. 7 - Prob. 4AACh. 7 - Prob. 5AACh. 7 - Prob. 6AACh. 7 - Prob. 7AACh. 7 - Prob. 8AACh. 7 - Prob. 9AACh. 7 - Prob. 10AACh. 7 - Prob. 11AACh. 7 - Prob. 12AACh. 7 - Prob. 13AACh. 7 - Prob. 14AACh. 7 - Prob. 15AACh. 7 - Prob. 16AACh. 7 - Prob. 17AACh. 7 - Prob. 18AACh. 7 - Prob. 19AACh. 7 - Prob. 20AACh. 7 - Prob. 21AACh. 7 - Prob. 22AACh. 7 - Prob. 23AACh. 7 - Prob. 24AA
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