Question

Using a product with a name that begins with the first letter of your first or last name, describe a graph that illustrates law of supply. Your description must include each of the following words: X (horizontal)-axis, y vertical)-axis, origin, zero, price, quantity, a product name, a unit for the product, a time period, curve, downward sloped to the right or upward sloped to the right, and supplied. It should include any other word(s) that will make your description complete.

Answer 1

Bonnaroo Festival Tickets Price Per Ticket Quantity Demanded per year $385.00 70,000 $370.00 73,000 $360.00 75,000 $340.00 79,000 $320.00 83,000 Answer: Hammocks The X-axis represents the quantity demanded for hammocks for the summer of 2018. The Y-axis represents the price per hammock. The origin is at zero hammocks being demanded at a price of $40,000.00 The price starts at $40,000.00 per 1 unit(1000 Hammocks) at the origin and progressively decreases as quantity demanded increases per unit. The curve is downward sloped to the right because as the quantity demanded increases, the price lowers. The X axis contains the quantity demanded at 0, 5, 10, 15, 20, and 25 with the quantity per unit being 1000 hammocks. The Y axis contains the price per unit (1000 hammocks) at $40,000.00, $38,000.00, $36,000.00, $34,000.00, $32,000.00, and finally $30,000.00 at 25 units There are two downward sloped demand curves representing the beginning of summer when people have more income after a cold spring of working and another curve representing the end of summer when everyone has vacationed and spent all their excess money. The first line, D1, is furthest to the origin and represents the beginning of summer when income is highest. It is derived from the statistics listed above (0,$40,000.00), (5,$38,000.00), (10,$36,000.00), (15,534,000.00), (20,$32,000.00), (25,$30,000.00)