Some questions allow you to interact indirectly with a graph by manipulating a corresponding table of entries. In this type of question, you will not be graded on the final appearance of the graph, but rather you will use the graph to help you answer the questions that follow.

You can adjust the values in the accompanying table for fields with white backgrounds. Once you have selected a field, you can either enter a new value or adjust the existing value by selecting the arrows (+ to increase and – to decrease). You can exit the entry field by hitting Enter (or Return) on your keyboard or by selecting a place elsewhere on the problem. To reset a field to its starting value, select the circular refresh arrow that appears next to the selected field.

Experiment with entering different values in the editable fields. Observe what changes take place on the graph itself and also in the uneditable fields in the table. Don’t worry about understanding the economics behind the question, just make sure you understand how to manipulate the values on the graph.

 

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PRICE (Dollars per pair) 100 90 80 70 80 50 40 30 20 10 0 X 1 0 20 40 60 80 100 120 140 160 180 200 QUANTITY (Thousands of pairs of loafers) Entering 5.00 into the Price of Leather field Supply Entering 15.00 into the Price of Sneakers field Demand Entering 100.00 into the Price field. Demand Curve 0 0 0 Supply Curve O Graph Input Tool O 0 Market for Loafers Price (Dollars per pair) Quantity Demanded (Thousands of pairs) Surplus (Thousands of pairs) Demand Shifter Price of Sneakers (Dollars per pair) Reset the graph to the initial state. Then, for each action described in the following table, indicate which elements on the graph (if any) are affected. Check all that apply. (Note: After changing the value in each field, be sure to again refresh back to the initial value before proceeding to the next row in the table.) Green Line True or False: You will not be graded on the final appearance of the graph. U 0 80.00 0 40 35.00 120 U Quantity Demanded 0 Quantity Supplied (Thousands of pairs) Shortage (Thousands of pairs) Supply Shifter Price of Leather (Dollars per pound) Quantity Supplied O n ? 160 10.00 0 0 0 Surplus Shortage 0 0 PRICE (Dollars per pair) 100 90 80 70 80 50 40 30 20 10 0 X 1 0 20 40 60 80 100 120 140 160 180 200 QUANTITY (Thousands of pairs of loafers) Entering 5.00 into the Price of Leather field Supply Entering 15.00 into the Price of Sneakers field Demand Entering 100.00 into the Price field. Demand Curve 0 0 0 Supply Curve O Graph Input Tool O 0 Market for Loafers Price (Dollars per pair) Quantity Demanded (Thousands of pairs) Surplus (Thousands of pairs) Demand Shifter Price of Sneakers (Dollars per pair) Reset the graph to the initial state. Then, for each action described in the following table, indicate which elements on the graph (if any) are affected. Check all that apply. (Note: After changing the value in each field, be sure to again refresh back to the initial value before proceeding to the next row in the table.) Green Line True or False: You will not be graded on the final appearance of the graph. U 0 80.00 0 40 35.00 120 U Quantity Demanded 0 Quantity Supplied (Thousands of pairs) Shortage (Thousands of pairs) Supply Shifter Price of Leather (Dollars per pound) Quantity Supplied O n ? 160 10.00 0 0 0 Surplus Shortage 0 0

Answer rating: 100% (QA)

Table Demand supply green line Q Demanded Q supplied surpl... View the full answer