Question: Exercise L Graph. AMOUNT QUANTITY SUPPLIED QUANTITY DEMANDED P10 15 490 P20 130 390 P30 250 280 P40 360 185 P50 485 80 1. Plot

Exercise L Graph. AMOUNT QUANTITY SUPPLIED QUANTITY DEMANDED P10 15 490 P20 130 390 P30 250 280 P40 360 185 P50 485 80 1. Plot the points for selling price, number supplied, and number demanded. Draw a line through these points and label them. 2. Estimate where supply and demand are equal. Highlight this point and identify the selling price and units sold. II. Essay. 1. You are an owner of a coffee shop. Suppose the price of a substitute (milk tea) increases. What would happen to equilibrium price and quantity in the market for your product? 2. Suppose that the price of flour increases. What would happen on the equilibrium price and quantity in the market for your bread

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