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Bob owns a roadside stand that sells rhubarb pie. Bob likes to experiment with various pricing strategies in order to determine the most efficient way

Bob owns a roadside stand that sells rhubarb pie. Bob likes to experiment with various pricing strategies in order to determine the most efficient way to run his business. The table below

depicts some recent price changes and responses by consumers. Graphically illustrate the appropriate demand and supply curves and where the shortages, surplus, and market equilibrium prices were found.

Price Changes and Responses by Consumers

Price Quantity Demanded Quantity Supplied
$4.89 311 255
$4.29 388 214
$5.39 198 309
$5.19 268 300
$5.00 279 279

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