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the table below gives the demand and supply schedule for...

Question: the table below gives the demand and supply schedule for...

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The table below gives the demand and supply schedule for apples Price Quantity Demanded of Apples (OLD) Quantity Supplied of Apples Quantity Demanded of Apples NEW) 10

1.1 Use the information given to draw the demand and supply curve for the orange market labelling the demand curve as DODO and supply curve as soSO 1.2 Identify the market equilibrium and mark it as point A in your diagram. What is the market price and market quantity in equilibrium (write the amount in numbers)? Market Price Market Quantity 1.3 Suppose there is a change in customer income so that the amount of quantity demanded at each price level INCREASES BY 1. Fill out the new demand schedule in the table under NEW column. Draw this new demand curve and label this as DID 1.4. After the change in demand, identify whether the new equilibrium price and quantity will be INCREASING or DECREASING (write whether increased or decreased)? NEW Market Price NEW Market Quantity 1.5 Calculate the elasticity of demand when price changes from 8 to 6. Is demand elastic or inelastic?

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