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.\nlabel 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.\nlabel 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

Explanation:

Step1: Recall supply - demand concept

Supply is the quantity of a good that producers are willing to sell at different prices, and demand is the quantity that consumers are willing to buy at different prices.

Step2: Analyze pumpkin market

For pumpkins, as price increases, more farmers are willing to sell (supply increases). As price increases, fewer buyers are willing to buy (demand decreases).

Step3: Analyze chocolate - milk market

For chocolate - milk, as price increases, more vending companies are willing to supply (supply increases). As price increases, fewer students are willing to buy (demand decreases).

Step4: Answer application questions

  1. For pumpkins, a factor increasing demand could be a holiday like Halloween approaching, which raises consumers' desire to buy pumpkins.
  2. For pumpkins, a bad harvest would reduce the available supply as there are fewer pumpkins overall.
  3. For chocolate - milk, advertising health benefits at school could increase demand by changing students' perception of the product.
  4. To find the ideal price for chocolate - milk, we look for the equilibrium point where quantity supplied equals quantity demanded. By looking at the data:
    • At $1.00, 2 vending companies are willing to supply and 4 students are willing to buy. This is the closest we get to equilibrium among the given data points.

Answer:

  1. A holiday like Halloween approaching.
  2. A bad harvest.
  3. Advertising health benefits at school.
  4. $1.00