graphing supply and demand instructions: read each scenario and create a supply and demand curve according…

graphing supply and demand instructions: read each scenario and create a supply and demand curve according to the space provided. use two different colors, one for supply and another for demand. be sure to label each.\n1. pumpkins at the farmers market\na. supply curve: there are 4 farmers who would like to sell their pumpkins at the farmers market. zero farmers will sell their pumpkins for $0 each. at $1, 1 farmer will sell his pumpkins. at $2.00, 2 farmers will sell their pumpkins. at $3.00, 3 farmers will sell their pumpkins. at $4.00, all 4 farmers will sell their pumpkins. label the x - axis and y - axis on the graph to the right, and plot the numbers given above to create a supply curve.\nb. demand curve: at $1 per pumpkin, 4 buyers will purchase pumpkins. at $2 each, 3 people will buy pumpkins. at $3, 2 people will buy pumpkins. at $4, 1 person will buy pumpkins. zero people will pay $5 for a pumpkin.\napplication questions:\n1. give an example of something that would increase the demand for pumpkins at the farmers market.\n2. give an example of what could decrease the available supply of pumpkins at the farmers market.\n2. chocolate milk:\na. supply curve: your school wants to start selling chocolate milk in their vending machines. there are 5 vending companies who have offered to supply the milk. zero companies will sell their chocolate milk cartons for $0 each. at $0.50, 1 vendor will sell their chocolate milk. at $1.00, 2 vendors will sell their milk. at $1.50, 3 vendors will sell their milk. at $2.00, all 5 vendors will sell their milk.\nb. demand curve: at $0.50 per chocolate milk carton, 5 students will purchase milk. at $1 each, 4 students will buy milk. at $1.50, 2 students will buy milk. at $2, 1 person will buy milk. zero students will buy milk for $2.50 each.\napplication questions:\n1. what could be done at the school to increase the demand for chocolate milk?\n2. what would be the ideal price for the milk, according to your graph?

graphing supply and demand instructions: read each scenario and create a supply and demand curve according to the space provided. use two different colors, one for supply and another for demand. be sure to label each.\n1. pumpkins at the farmers market\na. supply curve: there are 4 farmers who would like to sell their pumpkins at the farmers market. zero farmers will sell their pumpkins for $0 each. at $1, 1 farmer will sell his pumpkins. at $2.00, 2 farmers will sell their pumpkins. at $3.00, 3 farmers will sell their pumpkins. at $4.00, all 4 farmers will sell their pumpkins. label the x - axis and y - axis on the graph to the right, and plot the numbers given above to create a supply curve.\nb. demand curve: at $1 per pumpkin, 4 buyers will purchase pumpkins. at $2 each, 3 people will buy pumpkins. at $3, 2 people will buy pumpkins. at $4, 1 person will buy pumpkins. zero people will pay $5 for a pumpkin.\napplication questions:\n1. give an example of something that would increase the demand for pumpkins at the farmers market.\n2. give an example of what could decrease the available supply of pumpkins at the farmers market.\n2. chocolate milk:\na. supply curve: your school wants to start selling chocolate milk in their vending machines. there are 5 vending companies who have offered to supply the milk. zero companies will sell their chocolate milk cartons for $0 each. at $0.50, 1 vendor will sell their chocolate milk. at $1.00, 2 vendors will sell their milk. at $1.50, 3 vendors will sell their milk. at $2.00, all 5 vendors will sell their milk.\nb. demand curve: at $0.50 per chocolate milk carton, 5 students will purchase milk. at $1 each, 4 students will buy milk. at $1.50, 2 students will buy milk. at $2, 1 person will buy milk. zero students will buy milk for $2.50 each.\napplication questions:\n1. what could be done at the school to increase the demand for chocolate milk?\n2. what would be the ideal price for the milk, according to your graph?

Answer

Brief Explanations:

  1. For the pumpkin - market demand increase, a holiday like Halloween approaching could increase the demand as people use pumpkins for decorations and carving. For the chocolate - milk demand increase at school, advertising the health benefits of chocolate milk could attract more students to buy it.
  2. For the pumpkin supply decrease, a bad harvest due to poor weather conditions (such as drought or heavy rain) could reduce the available supply.
  3. To find the ideal price for chocolate milk, we look for the price at which the quantity demanded equals the quantity supplied. For pumpkins, the equilibrium price is where the number of buyers willing to buy equals the number of farmers willing to sell. For chocolate milk, at $1.00, 2 vendors are willing to supply and 4 students are willing to buy, at $1.50, 3 vendors are willing to supply and 2 students are willing to buy. The closest to equilibrium seems to be around $1.00 as it is a middle - ground where supply and demand are relatively close.

Answer:

  1. For pumpkins: Halloween approaching. For chocolate milk: Advertising health benefits.
  2. For pumpkins: Bad harvest due to poor weather.
  3. For chocolate milk: Around $1.00.