3. With reference to Table below: a. Use the information from the table to create the demand and supply equations. Use your demand and supply equations to solve for equilibrium. c. Graph supply and demand curves. Illustrate the equilibrium point. b. Price (S) Quantity demanded Quantity supplied 0 20 40 60 80 100 120 12 10 8 6 4 2 0 0 4 8 12 16 20 24

25. Suppose the price of insulin injection kits rose from $72 to $98 but the equilibrium quantity remained the same. What pattern of changes could explain that? a. demand increased and supply increased b. demand decreased and supply increased c. demand increased and supply decreased d. demand decreased and supply decreased e. none of the above

Listen FIGURE 4-2 Price from Point D to Point C Quantity of Submarine Sandwiches from Point D to Point B F Refer to Figure 4-2. Which movement is consistent with a decrease in demand? from Point C to Point D 51 52 from Point B to Point D D₂

1. Predict the impact on equilibrium price and quantity for the relevant market given the following changes. 1. What will happen in the market for home computers if: a)consumers become more familiar with the use and benefits of home computers. b)there is a technological cost saving breakthrough in producing home computers. c) both (a) and (b) occur simultaneously. Please support with a graph.