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

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