The Following Graph Shows The Monthly Demand And Supply Curves In The Market For Teapots Use The Graph Input Tool To He 1 (27.96 KiB) Viewed 52 times
The Following Graph Shows The Monthly Demand And Supply Curves In The Market For Teapots Use The Graph Input Tool To He 2 (20.12 KiB) Viewed 52 times
The following graph shows the monthly demand and supply curves in the market for teapots. Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. Graph Input Tool Market for Teapots Supply 12 Price (Dollars per teapot) Quantity 020 Quantity Supplied (Teapots) 200 Demanded (Teapots) PRICE (Dollars per teapol) 2152*222 60 54 40 42 30 24 18 Demand 12 1 6 1 0 0 100 200 300 400 500 600 700 800 900 1000 QUANTITY (Teapots)
The equilibrium price in this market is s per teapot, and the equilibrium quantity is teapots bought and sold per month. Complete the following table by indicating at each price whether there is a shortage or surplus in the market, the amount of that shortage or surplus, and whether this places upward or downward pressure on prices. Price (Dollars per teapot) Shortage or Surplus Amount (Teapots) Shortage or Surplus Pressure 18 42 Grade It Now Save & Continue Continue without saving
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