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Using the demand and supply figures in Table 1 below, construct a suitably labelled demand and supply diagram, and clearly identify the equilibrium price and
Using the demand and supply figures in Table 1 below, construct a suitably labelled demand and supply diagram, and clearly identify the equilibrium price and quantity.
Market Price for a Packet of Oatcakes | Quantity Supplied | Quantity Demanded |
90p | 1,500 | 10,000 |
1.00 | 3000 | 8,500 |
1.50 | 4,500 | 7,000 |
2.00 | 7,000 | 4,500 |
2.50 | 8,500 | 3,000 |
3.00 | 10,000 | 1,500 |
(7 Marks Available)
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