Supply And Supply Of Beef

800 WordsDec 2, 20154 Pages
Short Answer/Essay (50 points total) 6. Pick a product and create your own Demand and Supply Schedule. Draw the graph of your schedules to create a demand and supply curve. Illustrate where the equilibrium point occurs. (10 points) The schedule below demonstrates the demand and supply for beef in 2015. Quantity Demanded Quantity Supplied Price Result 155 235 $ 4.10 Surplus 175 215 $ 3.90 Surplus 195 195 $ 3.70 Equilibrium 215 175 $ 3.50 Shortage 235 155 $ 3.30 Shortage $4.10 $3.90 $3.70 $3.50 $3.30 155 175 195 215 235 The equilibrium point occurs when supply and demand are equal. In the graph above the equilibrium occurs at a price of $3.70 and a quantity of 195. 7. List the 5 American Economic Goals. Pick three of the Goals and find at least two examples within the current American Economy of how these goals are being achieved/unachieved. Be Specific with your examples. (15 points) The American Economic Goals are economic freedom, economic growth, more equitable distribution of income, economic security and price stability. Economic freedom gives people the right of ownership, where anyone can possess whatever he want in the umbrella of law and deal with his or her property as he or she pleases. For example, I was able to buy a car even though I am not an American and I am just a student here. Furthermore, economic freedom gives people the right to trade, buy, and sell
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