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

question 27

Essay

a) Given the table below, graph the demand and supply curves for flashlights. Make certain to label the equilibrium price and equilibrium quantity.
$\begin{array}{|c|c|c|}\hline \text { Price } & \begin{array}{c}\text { Quantity Demanded } \\\text { Per Month }\end{array} & \begin{array}{c}\text { Quantity Supplied } \\\text { Per Month }\end{array} \\\hline \text { R50 } & 6000 & 10000 \\\hline \text { R40 } & 8000 & 8000 \\\hline \text { R30 } & 10000 & 6000 \\\hline \text { R20 } & 12000 & 4000 \\\hline \text { R10 } & 14000 & 2000 \\\hline\end{array}$ b) What is the equilibrium price and the equilibrium quantity?
c) Suppose the price is currently R50. 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 R20. What problem would exist in the market? What would you expect to happen to price? Show this on your graph.

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Definitions:

Substance

In philosophy, the underlying essence or fundamental nature of an entity that determines its properties and existence.

Spinoza

Baruch Spinoza, a Dutch philosopher of Sephardi Portuguese origin, known for his work in ethics, epistemology, and rationalism.

Monad

In Leibniz, the simple immaterial substances that are the ultimate constituents of all reality. God, the one uncreated monad, created all of the others as self-enclosed (“windowless”), predetermined entities.

Monads

In philosophy, especially in Leibniz's metaphysics, indivisible and simple entities that are the ultimate units of reality.