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. PRICE (Dollars per comb) Graph Input Tool Market for Combs 60 54 48 24 18 12 + 888 20 42 38 30 Supply Price 24 (Dollars per comb) Quantity Demanded (Combs) 600 Quantity Supplied (Combs) 400 Demand 0 100 200 300 400 500 600 700 800 900 1000 QUANTITY (Combs) The equilibrium price in this market is $ per comb, and the equilibrium quantity is combs 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 comb) Shortage or Surplus Shortage or Surplus Amount (Combs) Pressure 18 42

Economics:
10th Edition
ISBN:9781285859460
Author:BOYES, William
Publisher:BOYES, William
Chapter1A: Appendix: Working With Graphs
Section: Chapter Questions
Problem 1E
Question
None
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.
PRICE (Dollars per comb)
Graph Input Tool
Market for Combs
60
54
48
24
18
12
+
888 20
42
38
30
Supply
Price
24
(Dollars per comb)
Quantity
Demanded
(Combs)
600
Quantity Supplied
(Combs)
400
Demand
0
100 200 300 400 500 600 700 800 900 1000
QUANTITY (Combs)
The equilibrium price in this market is $
per comb, and the equilibrium quantity is
combs 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 comb) Shortage or Surplus
Shortage or Surplus Amount
(Combs)
Pressure
18
42
Transcribed Image Text: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. PRICE (Dollars per comb) Graph Input Tool Market for Combs 60 54 48 24 18 12 + 888 20 42 38 30 Supply Price 24 (Dollars per comb) Quantity Demanded (Combs) 600 Quantity Supplied (Combs) 400 Demand 0 100 200 300 400 500 600 700 800 900 1000 QUANTITY (Combs) The equilibrium price in this market is $ per comb, and the equilibrium quantity is combs 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 comb) Shortage or Surplus Shortage or Surplus Amount (Combs) Pressure 18 42
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