Economics questions:

5. Using the information in the above schedule and the grid below, construct a graph and plot both market supply and market demand for Partyondude Dolls. MARKET FOR PARTY ON DUDE DollS. S 20 18 16 12 10 Shortage 50 100 150 20 250 750 380 400 450 QS Qe QD On the graph clearly label both equilibrium price and quantity. At the price of $10, identify on the graph: the quantity supplied and label it Qs. the quantity demanded and label it QD. What is the situation called that results in setting the price at $10? 11 IV) How will the market respond to this situation? 6. Name the price at which a surplus of 200 dolls occurs. a) Explain why the surplus will not last long in this market. wulculate the revenue for producers at the equilibrium price for Partyondude Dolls.4. Use the following information to create a market supply and demand graph for dinkies. Market demand and supply schedule for dinkies. P($) QS (000's) QD (000's) 5.00 18 5.25 15 5.50 12 5.75 8 9 6.00 10 6 6.25 12 a) On your graph clearly show what will happen if the price is set at $6.00. b) What kind of situation is this called?_ C) What will happen in this market?2. Use the following information to create a market supply and demand graph for light bulbs. The grid is on the following page. Market demand and supply schedule for light bulbs. P($) QS (000's) QD (000's) 0.70 11 0.75 0.80 6 6 0.85 7 un 0.90 10 0.95 15 3 a) On your graph clearly show what will happen if the price is set at $0.75. b) What kind of situation is this called?_ c) What will happen in this market?_