A) Given the Table Below, Graph the Demand and Supply

question 1

Essay

a) Given the table below, graph the demand and supply curves for flashlights. Make certain to label the equilibrium price and equilibrium quantity.
$\begin{array}{|c|c|c|}\hline \text { Price } & \begin{array}{c}\text { Quantity Demanded } \\\text { Per Month }\end{array} & \begin{array}{c}\text { Quantity Supplied } \\\text { Per Month }\end{array} \\\hline € 5 & 6,000 & 10,000 \\\hline € 4 & 8,000 & 8,000 \\\hline € 3 & 10,000 & 6,000 \\\hline € 2 & 12,000 & 4,000 \\\hline € 1 & 14,000 & 2,000 \\\hline\end{array}$
b) What is the equilibrium price and the equilibrium quantity?
c) Suppose the price is currently €5. What problem would exist in the market? What would you expect to happen to price? Show this on your graph.
d) Suppose the price is currently €2. What problem would exist in the market? What would you expect to happen to price? Show this on your graph.

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