I need help finding the equilibrium of supply and demand values.
- I need help finding the equilibrium of supply and demand values.
1. Based on the information provided in Table 1, create a chart in the space below showing the supply and demand curves for the number of Standard boxes in the United States per day. This information is helpful in knowing how many boxes to produce. After you have examined the graph below, identify the price and quantity at which market equilibrium exists.
2. Based on the information provided in Table 2, create a chart in the space below showing the supply and demand curves for the number of Deluxe boxes in the United States per day. This information is helpful in knowing how many boxes to produce. After you have examined the graph below, identify the price and quantity at which market equilibrium exists.
Questions
- Explain why an understanding of the law of demand and the law of supply is important to being an effective manager.
- Identify the supply factors that are most important in determining the market equilibrium for the Deluxe box.
- Identify the demand factors that are most important in determining the market equilibrium for the Standard box.
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