Part One
Student Learning Objective: HS.E3.1 Explain how buyers and sellers interact to create
markets and market structures.
Market: Apples
$10
$9
$8
$3
$2
$1
Price Demand Supply
Quantity Quantity
$7
$6
$5
$4
✓
10
15
20
25
30
35
40
45
50
55
50
45
40
35
30
25
5
20
15
10
1. Use the information above to draw the graph and answer the following questions.
a.) Draw and label a supply and demand graph for apples.[5 pts.]
b. Label the demand curve D1 and the supply curve S1. (1pt)
c.
What is the equilibrium price for Apples? Label the spot on the graph where the
equilibrium price is found by circling it and labeling it with an E. (1 pt)
d.
If the equilibrium price decreases to $4 on the graph will it create a surplus or
shortage? How much of a surplus or shortage will exist at that price? (answer
here) (2 pts)
$1
Etiqueta Stande
el punto donde
se encuentra
el equilibrio
e. If the equilibrium price rises to $9 will it create a surplus or shortage? How much
of a surplus or shortage will exist at that price? answer here. (2 pts)