Eco 203

Question 4: Answer questions 1, 2, 3, 5, and 6 only. (2 points each) zoom.us Constructed Response Questions Draw a correctly labeled graph of supply and demand based on the demand and supply schedules below. Image St PRICE (DOLLARS) DOCX QUANTITY DEMANDED QUANTITY SUPPLIED $4.00 1,200 0 NU-Micro Border 5.00 1,000 mewo...y 2.docx 200 6.00 BOO 400 Line 7.00 600 600 8.00 400 800 C 9.00 200 1,000 Shadow 1. What is the equilibrium price and equilibrium quantity? 2. Identify a price on your graph that would result in an excess supply. 3. If a price of $5.00 persists for an extended period of time, what economic problem would result? Reflection 5. An increase in demand for the product would have what effect on the equilibrium price and equilibrium quantity? 6, A decrease in supply for the product would have what effect on the equilibrium price and equilibrium Opacity quantity? Use the grid below to construct the graph. Use axis Y for price and axis X for quantity (in 100s). (3 points)