Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. 100 PRICE (Dollars per kettle) 8 8 8 8 8 8 8 8 8 90 40 20 Supply The equilibrium price in this market is S Demand 0 50 100 150 200 250 300 350 400 450 500 QUANTITY (Kettles) Graph Input Tool Market for Kettles Price (Dollars per kettle) Quantity Demanded (Kettles) per kettle, and the equilibrium quantity is 30 500 Quantity Supplied (Kettles) kettles per month. Homework (Ch 04) PRICE (Dollars per kettle) 88 2 2 2 2 2 2 2 2 0 100 90 80 10 Supply The equilibrium price in this market is S Demand 0 50 100 150 200 250 300 350 400 450 500 QUANTITY (Kettles) Market for Kettles Price (Dollars per kettle) Price (Dollars per kettle) Shortage or Surplus 60 40 Quantity Demanded (Kettles) per kettle, and the equilibrium quantity is 30 Shortage or Surplus Amount (Kettles) 500 Quantity Supplied (Kettles) kettles per month. Complete the following table by indicating at each price whether there is a shortage or surplus in the market, the amount of that shortage or surplus, and whether this places upward or downward pressure on prices. Pressure 0 Complete the following table by indicating at each price whether there is a shortage or surplus in the market, the amount of that sh and whether this places upward or downward pressure on prices. Price (Dollars per kettle) 60 40 Sho Shortage Surplus urplus Shortage or Surplus Amount (Kettles) Pressure Complete the following table by indicating at each price whether there is a shortage or surplus in the market, the amo. and whether this places upward or downward pressure on prices. Price (Dollars per kettle) Shortage or Surplus 60 40 Shortage or Surplus Amount (Kettles) Downward Upward Grade It Now