Create a Graph Now that you are familiar with the way a demand curve is graphed, you will create your own graph to submit to your instmctor. Step 1: Launch the data generator to get started. Print or copy the data table to use in the next step. Step 2: Create a demand graph: o Correctly label the x-axis and y-axis with the terms price and quantity. o Assign values for price and quantity along each axis. Consider the numbers in your data table and the size of your graph. For example. you may want to label price in increments of 25. o Create a title for your graph by choosing a good or service for the data to represent. o Using the data table from Step 1, plot a demand curve and label the curve \"DI." Step 3: Add a curve to your graph that represents an Increase in demand. Label the new curve \"D1.\" Step 4: In a few sentences, explain a situation that could have resulted in the demand increase. Be sure to: 0 Make your situation specic to the product or service you chose in Step 2. 0 Use at least one factor from the acronym TRIBE in your explanation. Step 5: Add another curve to your graph that represents a decrease in demand. Label the new curve r'lZlI2." Step 6: In a few sentences, explain a situation that could have resulted in the demand decrease. Be sure to: a Make your situation specic to the product or service you chose in Step 2. 0 Use at least one factor from the acronym TRIBE in your explanation. Data Generator Select the "Generate My Data" button to get your unique set of data for this assignment. The text version contains one set of data for those unable to use this random data generator. It does not match data produced by the generator. - r- . - . . 40 10000 45 5750 50 7500 55 5500 60 5500 65 4000 70 2750 75 1500 80 150 TRIBE What events would cause the whole demand curve to shift? The acronym TRIBE can help you remember ve different factors that can cause a shift in demand. Notice that a shift can mean either an increase or a decrease in demand. T Tastes and Example: People prefer the Nike shoe to other brands because of its use of newer technology. preferences Demand increasesthe curve shifts to the right. Related Example: The price of shoelaces quadruples. People decide to wear more sandals. Demand goods and decreasesthe curve shifts to the left. senrices Income Example: The NBA gives all players a huge raise. and now they can buy more shoes. Demand increasesthe curve shifts to the rig ht. Buyers. Example: The sports arena is closed for renovations and all games are moved to a different number of county. Fewer sports fans visit the Nike store next to the arena. so there are fewer buyers demanding goods from that store. Demand decreasesthe curve shifts to the left. Expectations Example: People hear that the price of Nike shoes will go up in the future. They buy more shoes of price now. Demand increasesthe curve shifts to the right