Question

Anna is separated from h calls John is detaminad various prices, as shown in the table below bayfriend, John, while she studies economics and he goes to art school The number of times that Anna har quantity demandad and the quantiy supplied by her phone company, Flash Telacommunications, at Market for Telephone Calls 25 1- Quantity Demanded per Month Quantity Supplied per Month per Minute 14- 12- 20 16 21 . 1)Using the muihpoint aurva dawing tool, draw Anna's demand curve reprasanted in e demand schedula in the table above, Label this line D a muliooint aurve drawing tool, draw Flash's supply curve rapresentad in the supply schedula in the tabla abova Labal this 20sng 32 36 4 s 12 16 2 3) Using the point drawing tool, locate the intersection of the demand and supply curves to detarmine the aquillbrium price and the 2 22 number of minutes Anna and John will talk in any given month. Lebel this point E ARer platting the final point of your multipoint curve, press the Esc yan your keyboard to end the line. Cerefuly follow the nstructions ebove end only drsw the required objects

Answer 1

20 18 16 Price 14 12 as 8 4 D 30 25 15 10 0 Quantity

The equilibrium is where the quantity demanded and the supplied where equal, the demand curve is the downward sloping showing the negative relationship between the price and the quantity demanded. The supply curve is upward sloping showing the positive relationship between the price and the quantity supplied.