Условие:
Graphical Task: Visualizing Market Equilibrium for Coffee
Objective:
To create a comprehensive graphical representation illustrating the concepts of market equilibrium for coffee, including supply and demand curves, equilibrium price, and equilibrium quantity.
Instructions:
1. Product: Coffee
2. Data Collection:
Below is hypothetical data for the demand and supply of coffee at various price levels:
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sumer
I dema unt sel
certai y and produ es pro
is and
Price (per Quantity pound)
Quantity
Deman..
Supplie..
$5
$4
$3
$2
$1
200
300
400
500
600
50
100
200
300
400
3. Create Supply and Demand Curves:
Using graphing software (like Excel, Google Sheets, or graphing tools), plot the demand and supply curves on a single graph:
X-axis: Quantity (pounds of coffee)
Y-axis: Price (dollars per pound)
Plot the demand curve using the data for quantity demanded. This curve should slope downward from left to right.
Plot the supply curve using the data for quantity supplied. This curve should slope upward from left to right.
4. Identify Equilibrium:
Determine the point where the demand and supply curves intersect. In this case, the equilibrium occurs at a price of $3 and a quantity of 400 pounds.
Clearly label this point on your graph as Equilibrium Point (E).
5. Illustrate Shifts in Equilibrium:
case seem and be demeato ha he co in deconsumpion, ty can shant te is to re male:
New Demand Data:
Price (per pound)
New
Quantity..
$5
250
$4
400
$3
500
$2
600
$1
700
Plot the new demand curve on the same graph.
Label the new equilibrium price and quantity (which will now be higher due to increased demand).
6. Add Annotations:
Include annotations on your graphs to explain:
What each curve represents (demand vs. supply).
The significance of the equilibrium point.
The effects of shifts in demand or supply on equilibrium.