if the price of a magazine is $8, 2 million magazines a year are bought. draw a point at this combination of…

if the price of a magazine is $8, 2 million magazines a year are bought. draw a point at this combination of price and quantity. if the price of a magazine falls to $2, 10 million magazines are bought. draw a point at this combination of price and quantity. draw a demand curve for magazines that is consistent with this information. label the curve.

if the price of a magazine is $8, 2 million magazines a year are bought. draw a point at this combination of price and quantity. if the price of a magazine falls to $2, 10 million magazines are bought. draw a point at this combination of price and quantity. draw a demand curve for magazines that is consistent with this information. label the curve.

Answer

Explanation:

Step1: Identify coordinate pairs

The first pair is ($8, 2$ million) and the second pair is ($2, 10$ million).

Step2: Plot points

On a graph with price on the y - axis and quantity on the x - axis, plot the point ($8, 2000000$) and ($2, 10000000$).

Step3: Draw demand curve

Connect the two points with a smooth downward - sloping line and label it as "Demand for Magazines".

Answer:

Points are plotted at ($8, 2000000$) and ($2, 10000000$) and a downward - sloping demand curve is drawn and labeled "Demand for Magazines".