Answer to Question #95207 in Economics for Chelsea Coffren

Question

Below is a table showing the demand for Greebes and the supply of Greebes. Plot these
data on the axes provided. Label the demand curve "D," and label the supply curve "S." Then
answer the questions that follow.
Demand for and Supply of Greebes

Price
(S per Greebe) Quantity Demanded (millions of Greebes) Quantlty Supplied (millions of Greebes)
$.15 300 100
.20 250 150
.25 200 200
.30 150 250
.35 100 300

Answer 1

The demand curve "D" is a downward-sloping line, and the supply curve "S" is an upward-sloping line. They intersect at P = $0.25 and Q = 200 millions of Greebes, which is an equilibrium point.