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You are going to create three graphs using the information from the tables

Economics

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You are going to create three graphs using the information from the tables. Please hand draw them and upload them to CANVAS as a jpg, png, or pdf file by taking a picture of them with a phone. (Apple phones will take a pdf picture in Notes. Android takes pictures in jpg or png format and can be stored on GOOGLE DRIVE to upload later.) GRAPH 1 Demand is the money chasing a product and the quantity demanded is the amount of orders that would be purchased at each given price Draw the demand curve for the following table (Khan Academy has videos on supply and demand if you are unclear on how to do this and you have already looked at the videos I provided in the modules section) Price Quantity Demanded (orders from customers) $40 1000 $30 1500 $20 $10 2500 2000
On the same graph you drew the demand curve on, draw the supply curve for the following table Price Quantity Supplied (amount orders they can $40 4000 $30 3000 $20 2000 $10 1000 Where is equilibrium? In other words, at what price, does the amount ordered exactly equal the amount produced to fill the orders? Indicate on the graph where this is.
Graph 2 Draw graph 1 a second time before we add more to it. Suppose the government is elected and voters want lower prices. The government responds by setting a ceiling price of $10. Draw the ceiling price. Indicate the new quantity supplied on the graph. Indicate the new quantity demanded. Is this a shortage or a surplus? Indicate on the graph the surplus or shortage and how big it is.
Graph 3 Draw graph 1 a second time before we add more to it. Suppose demand increases. This means there are more customers/money chasing the product. Now at every price the buyer/buyers are willing and able to buy more quantity. In other words, more orders. Add to the other two curves, this new demand curve Price Quantity Demanded (orders from customers) $40 2000 $30 3000 $20 4000 $10 5000 Indicate on the graph where the new equilibrium is (where new demand curve crosses the supply curve). What happened to the price and quantity as a result of the demand increase?