TTT Table 1: Quantity demanded and supplied for the "Boost Juice" Price ($) Quantity demanded Quantity supplied 4 2,000 1,500 6 1,600 1,600 8. 1,200 800 1,700 1,800 1,900 10 12 400 14 2,000 4. Draw the demand and supply curves for "Boost Juice". What are the equilibrium price and quantity of drinks? Explain why this is the equilibrium point. Label all axis and curves. 5. Explain, using the graph in question 4 above, what would happen if the price was initially $4? Identify any surplus or shortage on the graph above. Label all axis and curves.

TTT Table 1: Quantity demanded and supplied for the "Boost Juice" Price ($) Quantity demanded Quantity supplied 4 2,000 1,500 6 1,600 1,600 8. 1,200 800 1,700 1,800 1,900 10 12 400 14 2,000 4. Draw the demand and supply curves for "Boost Juice". What are the equilibrium price and quantity of drinks? Explain why this is the equilibrium point. Label all axis and curves. 5. Explain, using the graph in question 4 above, what would happen if the price was initially $4? Identify any surplus or shortage on the graph above. Label all axis and curves.

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter4: The Market Forces Of Supply And Demand

Section: Chapter Questions

Problem 3PA: Consider the market for minivans. For each of the events listed here, identify which of the...

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