1-Use an excel scatter (X,Y) chart to explain how the sign (- or +) of the slope reveals the market economic relationship. Label On the X,Y chart: X= the 11 observations, Y1= Supply & Y2= Demand
(Quantity Demanded)Qd= 11 – P or P = 11 – Qd
(Quantity Supplied) Qs = P – 1 or P = 1 + Qs
2-Fill in the spaces below using the equations.
Price Quantity Quantity
Per Item
$8
$7
$6
$5
$4
3-Graph the data above and correctly label the equilibrium, equilibrium quantity, equilibrium price as well as the axes and curves.
4-Draw a line at a price of $8 and explain the market result. Do the same with a price of $14.