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

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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

Do not submit your graph, only the answers.

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