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August 17, 2024

create a graph for economics

Supply & Demand Worksheet Price per gallon $2.00 $2.20 $2.40 $2.60 $2.80 $3.00 $3.20 1 Quantity Supplied (millions) 500 550 600 640 680 700 720 1.Create a Supply Graph that illustrates the relationship between price and quantity (use Excel, Word, or hand draw) 2. If the price of gasoline is $2.00 how many gallons will be supplied 3. If the price of gasoline is $2.40 how may gallons will be supplied 4. What will happen to quantity supplied if the price decreases? (explain) 5. What is the relationship between price and quantity supplied? (explain) Price per gallon $2.00 $2.20 $2.40 $2.60 $2.80 $3.00 $3.20 Quantity Supplied (millions) 800 700 600 550 500 460 420 1. Create a Demand Graph that illustrates the relationship between price and quantity 2. If the price of gasoline is $2.20 what quantity will be demanded 3. If the price of gasoline is $2.80 what quantity will be demanded 4. If the price of gasoline decreases, what happens to quantity demanded (explain) 5. What is the difference between “demand” and “quantity demanded”? (Explain)

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