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Use your knowledge of supply and demand graphs, elasticity, and steepness of the demand curve based on elasticity, to depict the change in equilibrium price
Use your knowledge of supply and demand graphs, elasticity, and steepness of the demand curve based on elasticity, to depict the change in equilibrium price and quantity of eggs according to the article, using a properly labeled supply and demand graph. Be sure to include the following on your S/D graph: 1. The original equilibrium price and quantity BEFORE the price increase. 2. The shifting of the supply and/or demand curves according to the article. 3. The steepness/flatness of the demand curve based on its elasticity. 4. Proper labeling of the graph (Price, Quantity, S, D, P, Q, etc.) 5. The new price and quantity equilibrium (increase/decrease) 6. Be sure your final graph results match with what we learned about changes in price and quantity based on elasticity. https://www.agweb.com/news/livestock/poultry/whats-really-driving-egg-prices-138-higher-year x-apple-ql-id://0B9B4274-04DC-43D0-AEA0-ECAD97F455B9/x-apple-ql-magic/FC5BE4ED-7B75-4078-9E11-AF69BE821D28.jpg
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