Market research has revealed the given information about the market for chocolate bars: demand E supply 20 • demand is represented by the equation Qa = 18 – 2P, 19 where Q, is quantity demanded and P is the price, and 18 17 • supply is represented by the equation Q, = 3 + P, is the quantity supplied. 16 15 where Qs 14 13 Manipulate the demand and supply curves on the graph to 12 Iraw these equations and move point E to 11
Market research has revealed the given information about the market for chocolate bars: demand E supply 20 • demand is represented by the equation Qa = 18 – 2P, 19 where Q, is quantity demanded and P is the price, and 18 17 • supply is represented by the equation Q, = 3 + P, is the quantity supplied. 16 15 where Qs 14 13 Manipulate the demand and supply curves on the graph to 12 Iraw these equations and move point E to 11
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter6: Consumer Choices
Section: Chapter Questions
Problem 11RQ: As a general rule, is it safe to assume that a change in the price of a good will always have its...
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I need help drawing the graph, thanks!
Transcribed Image Text:on 25 of 29
Market research has revealed the given information about the
market for chocolate bars:
demand
E
supply
20
• demand is represented by the equation Qd
18 – 2P,
19
where Qa is quantity demanded and P is the price, and
18
17
• supply is represented by the equation Q, = 3 + P,
where Q, is the quantity supplied.
16
15
14
13
Manipulate the demand and supply curves on the graph to
12
draw these equations, and move point E to
11
10
represent equilibrium.
8
7
6
5
How should the x-axis and the y-axis on the graph be labeled?
4
3
2
1
у-ахis:
0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
X-Axis
Price ($)
y-Axis
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