12. Market equilibrium The following table shows the annual demand and supply in the market for shoes in Philadelphia. Price Quantity Demanded Quantity Supplied (Dollars per pair of shoes) (Pairs of shoes) (Pairs of shoes) 20 1 , 1 00 200 40 900 400 60 800 500 80 600 900 100 500 1,200 On the following graph, plot the demand for shoes using the blue point (circle symbol). Next, plot the supply of shoes using the orange point symbol). Finally, use the black point (plus symbol) to indicate the equilibrium price and quantity in the market for shoes. Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically. 120 O 100 Demand 80 Supply 60 PRICE (Dollars per pair of shoes) Equilibrium 40 20 0 200 400 600 800 1000 1200 QUANTITY (Pairs of shoes)