Task #12 (contd.): Part III Silver Dollars
all coins at the flea market on weekends. He is especially interested in Susan
ad-error experiences and by information gained from other
Yousef likes to buy and sell coins at the flea market on was
B. Anthony silver dollars. By his own trial-and-error experiences and by info
traders, Yousef has found the following data:
Selling Price
Number in Supply
Number in
Demand
10
90
19
50
$1.40
$2.00
$3.00
$4.00
42
25
94
20
1. On graph paper, graph the price-supply points.
2. On the same graph, graph the price-demand points.
3. Use the graph to estimate the price in equilibrium.
4. Sketch a line that comes close to containing the price-supply points.
5. Sketch a line that comes close to containing the price-demar
6. What are the coordinates of the point where these
compare with your answer in question 3?
m where these two lines intersect? How does this answer