The following table shows the annual demand and supply in the market for shoes in Miami. Price (Dollars per pair of shoes) 20 40 60 80 100 PRICE (Dollars per pair of shoes) 120 100 On the following graph, plot the demand for shoes using the blue point (circle symbol). Next, plot the supply of shoes using the orange point (square symbol). Finally, use the black point (plus symbol) to indicate the equilibrium price and quantity in the market for shoes. Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically. 80 60 0 0 Quantity Demanded (Pairs of shoes) 1,100 900 800 600 500 200 400 600 800 QUANTITY (Pairs of shoes) Quantity Supplied (Pairs of shoes) 200 1000 400 500 900 1200 1,200 O Demand -O Supply Equilibrium
The following table shows the annual demand and supply in the market for shoes in Miami. Price (Dollars per pair of shoes) 20 40 60 80 100 PRICE (Dollars per pair of shoes) 120 100 On the following graph, plot the demand for shoes using the blue point (circle symbol). Next, plot the supply of shoes using the orange point (square symbol). Finally, use the black point (plus symbol) to indicate the equilibrium price and quantity in the market for shoes. Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically. 80 60 0 0 Quantity Demanded (Pairs of shoes) 1,100 900 800 600 500 200 400 600 800 QUANTITY (Pairs of shoes) Quantity Supplied (Pairs of shoes) 200 1000 400 500 900 1200 1,200 O Demand -O Supply Equilibrium
Chapter4: Demand, Supply, And Markets
Section: Chapter Questions
Problem 6.13P
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Transcribed Image Text:The following table shows the annual demand and supply in the market for shoes in Miami.
Price
(Dollars per pair of shoes)
20
40
60
80
PRICE (Dollars per pair of shoes)
120
100
20
On the following graph, plot the demand for shoes using the blue point (circle symbol). Next, plot the supply of shoes using the orange point (square
symbol). Finally, use the black point (plus symbol) to indicate the equilibrium price and quantity in the market for shoes.
Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically.
0
100
0
Quantity Demanded
(Pairs of shoes)
1,100
900
800
200
600
500
400
600
800
QUANTITY (Pairs of shoes)
Quantity Supplied
(Pairs of shoes)
200
400
500
900
1000
1,200
1200
O
Demand
Supply
Equilibrium
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