i.Construct a market diagram using the data in columns (3), (1) and (4). Label the axes as well as the graphs.

ii.Identify the equilibrium and state the equilibrium price and equilibrium quantity.

iii.On the same market diagram above (in question 1), graph the demand and supply curves based on columns (3), (2) and (5).

iv.Identify the new equilibrium and state the new equilibrium price and equilibrium quantity.

v.Show a change in quantity demanded on the original demand curve.

vi.This addition indicates a decrease or increase in demand and a decrease or increase in supply.(pick the correct one)

vii.Based on you pick in #5, list 2 factors each that could cause the specified change in demand as well as in supply.

viii.What is the equation of the demand curve based on columns (3) and (1)?

ix.What is the slope of this demand curve?

(1) (2) (3) (4) (5)

Qd Qd Price Qs Qs

55 35 20 75 85

65 45 18 65 75

85 65 16 55 65

95 75 14 45 55

110 90 12 35 45