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Unit 2 - Small Business 3 USE ATTACHED GRAPH. BE SURE TO LABEL THE GRAPH. (GRAPH #2) Now that you have completed your assessment, you settle on a production scheme. You have an idea of how much you want to charge for your flights, but you want to see about the supply and demand of them. E.09 Define supply and demand, provide relevant examples, and consider ceteris paribus (i.e., all things being equal). 11. 12. PRICE SUPPLY (QS1) DEMAND (QD1) 0 0 500 200 100 380 400 220 320 600 260 260 800 340 200 1000 420 80 What is the equilibrium price? What is the number of flights at equilibrium? ELASTICITY FORMULA P (Q-Q) Q (P-P) 1 = Unitary Elastic 1 = Elastic ar