Answer the questions below by using the following schedule for the beans market:

Price

Quantity Demanded

Quantity Supplied

$5

50

20

$6

45

25

$7

40

30

$8

35

35

$9

30

40

$10

25

45

$11

20

50

$12

15

55

Use the Excel template to graph the demand and supply curves based on the values given in the table above.

Assume that the quantity demanded for beans rises by 30 million pounds per month for specific given price.

Plot the initial demand and supply curves on a single graph based on given values in the above table.

Graph the new demand curve given by this change.

Relative to the values given in the above table, let's assume that the quantity demanded falls by 30 million pounds per month between $5 and $10 per pound; between $10 and $12 per pounds, and the quantity demanded become zero.

Plot initial the demand curve given by this change on a single graph.

Graph the new demand curve given by this change.

Assume that the quantity supplied for beans rises by 30 million pounds per month for specific given price, at the time the value for quantities supplied remain the same as shown in the table above.

Plot initial demand and supply curves on a single graph based on given values in the above table.

Graph the new supply curve given by this change.

Relative to the values given in the table above, let's assume that, the quantity supplied falls by 30 million pounds per month at prices above $8, at a price of $8 or less per pound and the quantity supplied becomes zero.

Plot the initial demand and supply curves based on the values given in the table above and new supply curve given by this change on a single graph.