Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Hi can you help me with this, the picture below is our task and I try to make it myself, I wanted you to check

Hi can you help me with this, the picture below is our task and I try to make it myself, I wanted you to check it if its right and also I need the explanation for this part.

How will the increase and decrease of prices affect the quantity demanded and quantity supplied?

image text in transcribedimage text in transcribed
. MAKE A DEMAND AND SUPPLY CURVE OUT OF THE TABLE BELOW. EXPLAIN BRIEFLY HOW WILL THE INCREASE AND DECREASE OF PRICES AFFECT THE QUANTITY DEMANDED AND QUANTITY SUPPLIED. SHOW ON THE CURVE THE FOLLOWING. . 1. DEMAND CURVE. 2. SUPPLY CURVE. 3. POINT OF EQUILIBRIUM. 4. SHORTAGE. 5. SURPLUS Price/bottle of Quantity Quantity Supplied Mineral Water Demanded 5 100 20 10 80 15 60 60 20 40 80 25 20 10025 : QUANTITY DEMANDED 20 = QUANTITY SUPPLIED . . . = POINT OF EQUILIBRIUM 15 ( 15 ) (60) PRICE 10 . . . = SHORTAGE 5 QD = 80 QS : 40 . . . = SURPLUS 100 OS : 80 QD = 40 20 40 60 80 QUANTITY DEMANDED AND QUANTITY SUPPLIED

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Essentials Of Time Series For Financial Applications

Authors: Massimo Guidolin, Manuela Pedio

1st Edition

0128134100, 9780128134108

More Books

Students also viewed these Economics questions

Question

Explain the relationship between language and culture

Answered: 1 week ago

Question

Compare and contrast elaborated and restricted codes

Answered: 1 week ago