Question
Use the following data to draw the supply and demand curves on the accompanying graph. Price $87654321 Quantity demanded 23456789 Quantity supplied 109876543 Instructions: Use
Use the following data to draw the supply and demand curves on the accompanying graph.
Price$87654321Quantity demanded23456789Quantity supplied109876543
Instructions:Use the tools provided 'Supply' and 'Demand' to draw the supply curve and demand curve using the data in the table above. Include each price-quantity combination (i.e., each line should contain 8 reference points).
Instructions:Enter your responses as whole numbers.
a. What is the equilibrium price?
$
b. If the current price is $5,
(i) What kind of disequilibrium situation results?
(Click to select)SurplusShortage
(ii) How large is the surplus or shortage?
units
c. If the current price is $2,
(i) What kind of disequilibrium situation results?
(Click to select)SurplusShortage
(ii) How large is the surplus or shortage?
units
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