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Develop supply and demand curves using the following information: Construct a vertical axis (rise axis) and...

Develop supply and demand curves using the following information: Construct a vertical axis (rise axis) and a horizontal axis (run axis). Assign a value of zero where they meet. On the vertical axis from top to bottom assign the following values: $64, $32, $16, $8, and $4. On the horizontal axis from left to right assign the following values: 20, 30, 40, and 50. Construct a 'demand and supply schedule' of three vertical columns with the following headings and values from top to bottom: Price $64, $32, $16, $8, and $4   Quantity Demanded 0, 20, 30, 40, and 50   Quantity Supplied 50, 40, 30, 20, and 0. Plot the points on your graph, connect the points, thereby creating a supply and demand curve. From your completed graph, answer the following questions: At what price does equilibrium occur? At what prices do surpluses occur? At what prices do shortages occur?

Do not submit your graph, only submit your answers to the three questions.

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