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10. Market quilibrium The following table shows the annual demand and supply in the market for ice cream in Philadelphia. Price Quantity Demanded (Gallons of
10. Market quilibrium The following table shows the annual demand and supply in the market for ice cream in Philadelphia. Price Quantity Demanded (Gallons of ice cream) Quantity Supplied (Gallons of ice cream) (Dollars per gallon of ice cream) 4 275 50 8 200 125 12 150 225 16 100 250 20 50 300 On the following graph, plot the demand for ice cream using the blue point (circle symbol). Next, plot the supply of ice cream using the orange (square symbol). Finally, use the black point (plus symbol) to indicate the equilibrium price and quantity in the market for ice cream. Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically
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