3. Using the data from problem (1), graph the demand and supply curve for bicycl

Question

3. Using the data from problem (1), graph the demand and supply curve for bicycles. How can you determine the equilibrium price and quantity from the graph? How can you determine the equilibrium price and quantity from the table? What is the equilibrium point? 3. Using the data from problem (1), graph the demand and supply curve for bicycles. How can you determine the equilibrium price and quantity from the graph? How can you determine the equilibrium price and quantity from the table? What is the equilibrium point?

Explanation / Answer

There is no data given in this question. Data is deficient. So the first part can’t be answered. The equilibrium price and the quantity is given at the point of intersection of the demand and supply curves. From the table it can be obtained where the quantities of demand and supply are equal at the price corresponding to that is the equilibrium price. This the equilibrium quantity. The point of intersection of the demand and supply curves is the equilibrium.

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