Question: Using the data in the table below, what is the equilibrium quantity and equilibrium price for a cellular telephone? Draw a graph to show equilibrium

Using the data in the table below, what is the equilibrium quantity and equilibrium price for a cellular telephone? Draw a graph to show equilibrium price and output. (8 pts – answer question and draw a graph)

Price (dollars per celluar phone. Quanity demanded (thousands) Quanity supplied (thousands)

100 50 100

80 55 80

50 60 60

20 100 40

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