Question

the following table shows supply and demand schedules for time - stopping watches.
price per time - stopping watch (dollars) quantity supplied per month (time - stopping watches) quantity demanded per month (time - stopping watches)
4 0 16
6 4 12
8 8 8
10 12 4
12 16 0
on the following graph, use the orange points (square symbol) to plot the supply curve based on the supply schedule. then use the blue points (circle symbol) to plot the demand curve based on the demand schedule. finally, use the grey point (star symbol) to indicate the equilibrium price and quantity.

Explanation:

Step1: Identify equilibrium condition

Equilibrium occurs when quantity supplied equals quantity demanded.

Step2: Find equilibrium from table

Looking at the table, when the price per watch is $8, quantity supplied (8 watches) equals quantity demanded (8 watches).

Answer:

The equilibrium price is $8 and the equilibrium quantity is 8 time - stopping watches per month.