graphing supply & demand\n3. who do you believe is impacted by the supply curve and why?\n4. who do you…
graphing supply & demand\n3. who do you believe is impacted by the supply curve and why?\n4. who do you believe is impacted by the demand curve and why?\ndirections: analyze the schedule to create one supply and demand model.\nschedule for samsung galaxy s9\nsupply price demand\n50 $5,000 500\n200 $10,000 350\n250 $12,000 250\n400 $17,000 100\n500 $20,000 50\ndirections: answer the following questions using the models you created above.\n1. what is the highest point on the supply curve? $_____/_____ phones\n2. what is the highest point on the demand curve? $_____/_____ phones\n3. the equilibrium is the point where the supply and demand curves cross. place a dot there. what is the significance of this point?
Answer
Explanation:
Step1: Identify highest - point on supply curve
The supply curve shows the relationship between price and quantity supplied. Looking at the supply - quantity and price data in the table, the highest price is $20,000 and the corresponding quantity supplied is 500.
Step2: Identify highest - point on demand curve
The demand curve shows the relationship between price and quantity demanded. From the table, the highest price is $20,000 and the corresponding quantity demanded is 50.
Step3: Explain equilibrium point significance
The equilibrium point is where the quantity demanded equals the quantity supplied. At this point, there is no shortage or surplus in the market. In the table, when the price is $12,000, the quantity supplied (250) equals the quantity demanded (250). It represents the market - clearing price and quantity, where the intentions of buyers and sellers match.
Answer:
- $20,000 / 500 phones
- $20,000 / 50 phones
- The significance of the equilibrium point ($12,000 price and 250 quantity) is that it represents the market - clearing price and quantity, where the quantity demanded equals the quantity supplied, and there is no shortage or surplus in the market.