Activity 2 Direction: Using the graph below as basis answer the following questions in the space provided. Equilibrium for Bagels 1. What is the equilibrium price 4.50 - and quantity? 4.00 2. If price increases to 3, how many bagels are demanded per month? 3,50 - 3.00- 3. At price 3, what is the situation of the economy for bagels industry? 2.50 2.00 If the economy is experiencing a shortage in bagels what can suppliers do to the price to bring it back to equilibrium? 4. 1.50 1.00 0.50 At price 1 and with quantity demanded of 14 and quantity supplied of 0 12 3 4 5 6 7 8 9 10 11 12 13 14 15 2, what is the situation of the economy? 5. 0.00 Quantity (thousands of dozens per month) Price per dozen bagels

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
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Chapter1: Making Economics Decisions
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Activity 2
Direction: Using the graph below as basis answer the following questions in the
space provided.
Equilibrium for Bagels
1.
What is the equilibrium price
4.50 -
and quantity?
4.00 -
2.
If price increases to 3, how
many bagels are demanded per month?
3.50 -
3.00
At price 3, what is the situation
of the economy for bagels industry?
3.
2.50
2.00-
If the economy is experiencing a
shortage in bagels what can
suppliers do to the price to bring it
back to equilibrium?
4.
1.50 -
1.00-
0.50 -
At price 1 and with quantity
demanded of 14 and quantity supplied of
0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 2, what is the situation of the economy?
5.
0.00
Quantity (thousands of dozens per month)
Price per dozen bagels
D.
Transcribed Image Text:Activity 2 Direction: Using the graph below as basis answer the following questions in the space provided. Equilibrium for Bagels 1. What is the equilibrium price 4.50 - and quantity? 4.00 - 2. If price increases to 3, how many bagels are demanded per month? 3.50 - 3.00 At price 3, what is the situation of the economy for bagels industry? 3. 2.50 2.00- If the economy is experiencing a shortage in bagels what can suppliers do to the price to bring it back to equilibrium? 4. 1.50 - 1.00- 0.50 - At price 1 and with quantity demanded of 14 and quantity supplied of 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 2, what is the situation of the economy? 5. 0.00 Quantity (thousands of dozens per month) Price per dozen bagels D.
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