5. From the information below: 1. Graph demand curve #1 2. Graph the supply curve 3. Indicate equilibrium price and quantity #1 4. Graph demand curve #2 5. Indicate equilibrium price and quantity #2

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Chapter5: Elastic And Its Application
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5. From the information below:
1. Graph demand curve #1
2. Graph the supply curve
3. Indicate equilibrium price and quantity #1
4. Graph demand curve #2
5. Indicate equilibrium price and quantity #2
Price
$2
3
4
56
Quantity
Demanded #1
8
6
432
Quantity
Supplied
1
2
4
6
co
8
Quantity
Demanded #2
12
10
8
+
2
Transcribed Image Text:5. From the information below: 1. Graph demand curve #1 2. Graph the supply curve 3. Indicate equilibrium price and quantity #1 4. Graph demand curve #2 5. Indicate equilibrium price and quantity #2 Price $2 3 4 56 Quantity Demanded #1 8 6 432 Quantity Supplied 1 2 4 6 co 8 Quantity Demanded #2 12 10 8 + 2
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