This question deals with demand and supply and refers you to the table below.
a.Given the table,graph the demand and supply curves for flashlights.Make certain to label equilibrium price and equilibrium quantity.
b.What is the equilibrium price and equilibrium quantity?
c.Suppose the price is currently at $5.What problem would exist in the economy? What would you expect to happen to price? Show this on your graph.
d.Suppose the price is currently $2.What problem exists in the economy? What would you expect to happen to price? Show this on your graph.
Definitions:
Home Rule
The power granted to local governments to govern themselves with minimal interference from higher levels of government.
Public-Works Projects
Infrastructure projects funded and implemented by the government for public use and benefit, such as roads, bridges, and water treatment facilities.
Categorical Grant
Financial grants given by the federal government to state and local governments for specific purposes, often with strict conditions attached.
New Deal
A series of programs, public work projects, financial reforms, and regulations enacted by President Franklin D. Roosevelt in the United States during the 1930s, in response to the Great Depression.
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