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.
Principles of Microeconomics
7th Edition
ISBN:9781305156050
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter5: Elastic And Its Application
Section: Chapter Questions
Problem 6PA: Suppose that your demand schedule for DVDs is as follows: Price Quantity Demanded (income = 10,000)...
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