The following graph shows the monthly demand and supply curves in the market for jackets. Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. PRICE (Dollars per jacket) Graph Input Tool (? Market for Jackets 60 54 Supply Price 12 (Dollars per jacket) 48 42 36 Quantity Demanded (Jackets) 620 Quantity Supplied (Jackets) 200 30 24 18 6 20 12 0 Demand 100 200 300 400 500 600 700 800 900 1000 QUANTITY (Jackets) The equilibrium price in this market is $ per jacket, and the equilibrium quantity is jackets per month. Complete the following table by indicating at each price whether there is a shortage or surplus in the market, the amount of that shortage or surplus, and whether this places upward or downward pressure on prices. Price (Dollars per jacket) Shortage or Surplus Shortage or Surplus Amount (Jackets) Pressure 18 D 42
The following graph shows the monthly demand and supply curves in the market for jackets. Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. PRICE (Dollars per jacket) Graph Input Tool (? Market for Jackets 60 54 Supply Price 12 (Dollars per jacket) 48 42 36 Quantity Demanded (Jackets) 620 Quantity Supplied (Jackets) 200 30 24 18 6 20 12 0 Demand 100 200 300 400 500 600 700 800 900 1000 QUANTITY (Jackets) The equilibrium price in this market is $ per jacket, and the equilibrium quantity is jackets per month. Complete the following table by indicating at each price whether there is a shortage or surplus in the market, the amount of that shortage or surplus, and whether this places upward or downward pressure on prices. Price (Dollars per jacket) Shortage or Surplus Shortage or Surplus Amount (Jackets) Pressure 18 D 42
ChapterA: Working With Diagrams
Section: Chapter Questions
Problem 2QP
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