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12. Market equilibrium The following table shows the monthly demand and supply in the market for orange juice in Chicago. Price Quantity Demanded Quantity Supplied

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12. Market equilibrium The following table shows the monthly demand and supply in the market for orange juice in Chicago. Price Quantity Demanded Quantity Supplied (Dollars per gallon of orange juice) (Gallons of orange juice) (Gallons of orange juice) 2 1,925 350 1,400 875 Oh 1,050 1.575 700 1,750 10 350 2.100On the following graph, plot the demand for orange juice using the blue point (circle symbol). Next, plot the supply of orange juice using the orange point (square symbol). Finally, use the black point (plus symbol) to indicate the equilibrium price and quantity in the market for orange juice. Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically. 17 O 10 Demand 00 Supply 6 .+ PRICE (Dollars per gallon of orange juice) Equilibrium 2 350 700 1050 1400 1750 2100 QUANTITY (Gallons of orange juice)

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