Complete the following graphing assignment. You are given the following information about the Goodell Cargo Shipping Company, Inc. in Rochester, Minnesota.

From 2009-2022, the prices of their cargo shipping, measured in US dollars in $ 100, were 80, 70, 60, 50, 40, 30, 20, and 10. During that time, the corresponding amounts that the Goodell Corporation was willing to sell at those same prices, the quantity supplied, measured in 1,000 shipments, was 16, 14, 12, 10, 8, 6, 4, and 2. Meanwhile, the amount that consumers were willing to purchase at those same prices, the quantity demanded, measured in 1,000 units, was 1, 3, 5, 7, 9, 11, 13, and 15. The production data was retrieved from Fortune magazine, the October 1, 2023 edition, on pages 67-70 in an article by Joseph Vassar, entitled "How Much Cargo Can One Firm Ship?"

1. Construct the supply and demand curves corresponding to the provided data in one clearly constructed, legible, and properly labeled graph.
2. Referencing the curves constructed in part A, clearly state the equilibrium price and quantity. Provide actual numbers and state where they are in your graph.
3. Assume that there is then a change in supply; the supply increases in the marketplace.State what would happen to the equilibrium price and quantity now? And where did the curve shift on the graph?Be specific about where it shifted.
4. Again, based on what has happened in part c, using your knowledge of the determinants of supply and demand and referencing only the curves in part A, offer one concrete cause as to why that supply may have moved in the direction it did. Be specific.Give a real-world answer/example.

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Answer A Constructing the Supply and Demand Curves Graph showing the supply and demand curves for th... View the full answer