Question
1. Given the table below, graph the demand and supply curves for flashlights. Make certain to label the equilibrium price and equilibrium quantity. Price ($)Quantity
1. Given the table below, graph the demand and supply curves for flashlights. Make certain to label the equilibrium price and equilibrium quantity.
Price ($)Quantity Demanded (Monthly)Quantity Supplied (Monthly)
56,00010,000
48,0008,000
310,0006,000
212,0004,000
114,0002,000
a. What is the equilibrium price and the equilibrium quantity?
b. Suppose the price is currently $5. What problem would exist in the market? What would you expect to happen to price? Show this on your graph.
c. Suppose the price is currently $2. What problem would exist in the market? What would you expect to happen to price? Show this on your graph
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