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Students will use Chapter 3 in the eText, the suggested references at the end of the book, and the supplemental resources provided in the syllabus
Students will use Chapter 3 in the eText, the suggested references at the end of the book, and the supplemental resources provided in the syllabus to complete the following. The table shows information on the demand and supply for field hockey sticks, where the quantities of field hockey sticks are measured in thousands. - What is the quantity demanded and the quantity supplied at a price of $630? At what price is the quantity supplied equal to 144,000? Create a fully labeled graph showing the demand and supply curve for field hockey sticks. How can you determine the equilibrium price and quantity from the graph? How can you determine the equilibrium price and quantity from the table? What is the equilibrium price and the equilibrium quantity? Illustrate this on your graph from the previous bullet, labeling it E. If the price was $360, what would the quantities demanded and supplied be? Would a shortage or surplus exist? If so, how large would the shortage or surplus be
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