Question
GRAPHICAL ILLUSTRATION (Graph and Explanation) TABLE 1 Graph the given table below and explain how the Law of Demand works. DEMAND SCHEDULE FOR PORK PRICE
GRAPHICAL ILLUSTRATION (Graph and Explanation)
TABLE 1
Graph the given table below and explain how the Law of Demand works.
DEMAND SCHEDULE FOR PORK
PRICE PER UNIT (IN PESOS) | QUANTITY DEMANDED (IN KG., THOUSAND) |
160 | 20 |
150 | 30 |
140 | 40 |
130 | 50 |
120 | 60 |
110 | 70 |
100 | 80 |
90 | 90 |
80 | 100 |
TABLE 2
Graph the data given in the table below and explain how the Law of Supply works.
SUPPLY SCHEDULE FOR TOMATOES
PICE PER UNIT (IN PESOS) | QUANTITY SUPPLIED (IN KG., THOUSANDS) |
15 | 500 |
20 | 600 |
25 | 700 |
30 | 800 |
35 | 900 |
40 | 1000 |
45 | 1100 |
50 | 1200 |
55 | 1300 |
60 | 1400 |
TABLE 3
Graph the given table below to show the equilibrium between demand and supply. Explain the price equilibrium below the graph.
SUPPLY AND DEMAND SCHEDULE FOR RICE
PRICE PER KILOGRAM (IN PESOS) | QUANTITY SUPPLIED (IN KILOGRAMS) THOUSANDS | QUANTITY DEMANDED (IN KILOGRAMS) THOUSANDS |
16 | 20 | 120 |
18 | 30 | 110 |
20 | 40 | 100 |
22 | 50 | 90 |
24 | 60 | 80 |
26 | 70 | 70 |
28 | 80 | 60 |
30 | 90 | 50 |
32 | 100 | 40 |
34 | 110 | 30 |
36 | 120 | 20 |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started