Question: Draw Demand curve and Supply curves on the same graph taking price on the vertical axis and quantity demanded and supplied on the horizontal axis.

  1. Draw Demand curve and Supply curves on the same graph taking price on the vertical axis and quantity demanded and supplied on the horizontal axis.
  2. Determine equilibrium price and the equilibrium quantity demanded and supplied.
  3. Would price $10 create a shortage or surplus and for how many units?
  4. What is likely to happen to the demand of Ground Beef if income of the people increases? Please explain your answer.

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