Question

6. Market equilibrium

The following table shows the weekly demand and supply in the market for shoes in Houston.

Price (Dollars per pair of shoes)	Quantity Demanded (Pairs of shoes)	Quantity Supplied (Pairs of shoes)
20	1,100	200
40	900	400
60	800	500
80	600	900
100	500	1,200

On the following graph, plot the demand for shoes using the blue point (circle symbol). Next, plot the supply of shoes using the orange point (square symbol). Finally, use the black point (cross symbol) to indicate the equilibrium price and quantity in the market for shoes.

Answer 1