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Refer to the graph and answer the following questions The vertical axis for price ranges from 0 to 10 in increments of 1. The horizontal
Refer to the graph and answer the following questions
- Suppose the price is $6. What is the Quantity Demanded?
- Suppose the Quantity Demanded is 100. What must the price be?
$
- Suppose the price is $3, resulting in a Quantity Demanded of 120. Then the price changes to $1. What is the new quantity demanded?
Price $10 $9 $8 $7 $6 $5 $4 $3 $2 $1 0 Demand 20 40 60 80 100 120 140 160 180 200 Quantity Demanded
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Step: 1
To find the quantity demanded when the price is 6 you can use the demand line provided which falls from 0 9 to 180 0 This demand line represents the relationship between price and quantity demanded Wh...Get Instant Access to Expert-Tailored Solutions
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Step: 2
Step: 3
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