Question

The following table shows the weekly demand and supply in the market for orange juice in Houston.

Price	Quantity Demanded	Quantity Supplied
(Dollars per gallon of orange juice)	(Gallons of orange juice)	(Gallons of orange juice)
2	500	50
4	400	150
6	300	200
8	200	300
10	100	450

On the following graph, plot the demand for orange juice using the blue point (circle symbol). Next, plot the supply of orange juice using the orange point (square symbol). Finally, use the black point (plus symbol) to indicate the equilibrium price and quantity in the market for orange juice.

Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically.

DemandSupplyEquilibrium PRICE (Dollars per gallon of orange juice) QUANTITY (Gallons of orange juice)

Answer 1

Equilibrium Price= $7

Equilibrium quantity= 250