The following table shows the annual demand and supply in the market for shoes in Miami. Price (Dollars per pair of shoes) 20 40 60 80 100 PRICE (Dollars per pair of shoes) 120 100 On the following graph, plot the demand for shoes using the blue point (circle symbol). Next, plot the supply of shoes using the orange point (square symbol). Finally, use the black point (plus symbol) to indicate the equilibrium price and quantity in the market for shoes. Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically. 80 60 0 0 Quantity Demanded (Pairs of shoes) 1,100 900 800 600 500 200 400 600 800 QUANTITY (Pairs of shoes) Quantity Supplied (Pairs of shoes) 200 1000 400 500 900 1200 1,200 O Demand -O Supply Equilibrium

The following table shows the annual demand and supply in the market for shoes in Miami. Price (Dollars per pair of shoes) 20 40 60 80 100 PRICE (Dollars per pair of shoes) 120 100 On the following graph, plot the demand for shoes using the blue point (circle symbol). Next, plot the supply of shoes using the orange point (square symbol). Finally, use the black point (plus symbol) to indicate the equilibrium price and quantity in the market for shoes. Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically. 80 60 0 0 Quantity Demanded (Pairs of shoes) 1,100 900 800 600 500 200 400 600 800 QUANTITY (Pairs of shoes) Quantity Supplied (Pairs of shoes) 200 1000 400 500 900 1200 1,200 O Demand -O Supply Equilibrium

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter4: Demand, Supply, And Market Equilibrium

Section: Chapter Questions

Problem 7P

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