Consider the following weekly supply and demand tables for product X:
P Qd Qs
13 10 35
12 15 30
11 20 25
10 25 20
9 30 15
8 35 10
7 40 5
6 45 0
A. Draw the supply and demand curves on the same diagram. Determine the equilibrium price and quantity and demonstrate it in your graph.
B. Demonstrate the impact of a government price control set at P = $12 also P=$8.00. Demonstrate by number and in the graph. Discuss your answer.
C. show the new equilibrium P & Q supply and demand increase %20
D. Calculate the ARC elasticity of demand when the price move from $6 to$10