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Suppose that in a recent market period, an industry-wide survey determined the following relationship between the price of frozen fish and the quantity supplied. 50- Quantity supplied of 45- Point Price frozen fish 40- A $20 4 million 35- $25 6 million $30 8 million 30- mont $35 10 million Price 25- $40 12 million 20- Using the multipoint curve drawing tool, draw the supply curve for frozen fish. Label the curve 'S' 15 Carefully follow the instructions above, and only draw the required object. 10 According to the law of supply, price and quantity are related. When prices increase, the quantity supplied 6 8 10 12 14 16 18 20 Quantity (millions) indirectly After plotting the final point of your multipoint curve, press the Esc key on your keyboard to end the line. directly negativelyConsider the table below: Demand and Supply Schedule for Pizza Price ($) Quantity Demanded Quantity Supplied 14 130 190 140 170 150 150 AMOON 160 130 170 110 180 90 The equilibrium price for pizza is $ | and the equilibrium quantity is pizzas. (Enter your responses as whole numbers.) Now, suppose that the demand increases such that the quantity demanded increases by 30 more pizzas at every price. Calculate the new equilibrium price $ and the new equilibrium quantity pizzas. (Enter your responses as whole numbers.)Suppose that there are 10,000 consumers, evenly divided between the four types (A, B, C and D) of consumers in the table below. Market Price A Type B Type C Type D Type $15 $13.50 $12 $10.50 NOVDAWN UIAWN-0 $9 $7.50 $6 If the price of the good is $15, what is the quantity demanded in the market? O A. 3 O B. 15,000 O C. 7,500 O D. 12 If the price of the good is $9, what is the quantity demanded in the market? O A. 23 O B. 57,500 O C. 7 O D. 92The following table gives the supply schedule for an single firm's monthly supply of shirts. Q Quantity Supplied Price $10 $15 $20 $25 Assume there are 10 identical firms in the market. Price of shirts Using the multipoint curve drawing tool, draw the market supply curve, and label it. Carefully follow the instructions above, and only draw the required object. 40 50 60 70 80 90 100 110 120 130 140 150 160 Quantity of shirts After plotting the final point of your multipoint curve, press the Esc key on your keyboard to end the line.The following table gives the demand and supply schedules for widgets. Quantity Price Demanded Quantity Supplied $25 139 220 $20 151 205 $15 163 190 $10 175 175 $5 187 160 The equilibrium price in this market is $. The equilibrium quantity in this market is |] units. If the price in this market was $20, there would be a of units .Consider the market for cell phones shown in the graph at right. What will be the effect that the market event indicated below will have on this market? Market for Cell Phones Market Event: A decrease in the price of production equipment. 1.) Using the line drawing tool, draw the appropriate shift in either the demand or supply curve that is the result of a market shock and label this 'New Line'. 2.) Using the point drawing tool, plot the new equilibrium point and label this 'E'. Carefully follow the instructions above, and only draw the required objects. Price ($) QuantityConsider the market for DVDs shown at right. Market for DVDs Consider the effect of the following two events on the market: i. A fall in the price of production equipment /i. An increase in the price of movie tickets 1.) Using the line drawing tool, draw new supply and demand lines, making sure to properly label the lines. 2.) Using the point drawing tool, indicate the new equilibrium quantity and price and label this 'B'. Carefully follow the instructions above, and only draw the required objects. Market Price QuantityAt the market price of $8, the quantity demanded is units, and quantity supplied is units At this price, exists. S At a market price of $4, now exists. The market equilibrium exists at a price of $. In equilibrium, the quantity demanded by consumers is to the quantity supplied by producers. Price ($) D Qd Q S 10 20 30 40 50 60 70 80 0 90 100 Quantity (per week)The graph on the right shows the market for potatoes. Show a price at which there is a surplus in the market. 10- 1.) Using the point drawing tool, indicate a price on the supply curve consistent with a surplus and label it Qs. 2.) Using the point drawing tool, indicate the point on the demand curve that corresponds with the same price and label it Op- Carefully follow the instructions above, and only draw the required objects. Price of potatoes 4- 2- D 9 N- 6 8 10 Quantity of potatoes