2. Economics
3. construct a vertical axis rise axis and a horizontal axis...

# Question: construct a vertical axis rise axis and a horizontal axis...

###### Question details

Construct a vertical axis (rise axis) and a horizontal axis (run axis). Assign a value of 0 (zero) where they meet.

On the vertical axis list the following prices from bottom to top: $2,$4, $6,$8, $10,$12, and $14 On the horizontal axis list the following quantities from left to right: 10, 20, 30, 40, 50, and 60 Plot the data below on your graph, and answer the following questions: 1. At what price does equilibrium occur? 2. At what prices do surpluses occur? 3. At what prices do shortages occur? Price$            Quantity Demanded      Quantity Supplied

14                            0                                    60

12                           10                                   50

10                           20                                   40

8                           30                                   30

6                           40                                   20

4                           50                                   10

2                           60                                     0