the following table shows supply and demand schedules for magic wands.\n\nprice per magic wand (dollars)…

the following table shows supply and demand schedules for magic wands.\n\nprice per magic wand (dollars) quantity supplied per month (magic wands) quantity demanded per month (magic wands)\n4 0 16\n6 4 12\n8 8 8\n10 12 4\n12 16 0\n\non 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.

the following table shows supply and demand schedules for magic wands.\n\nprice per magic wand (dollars) quantity supplied per month (magic wands) quantity demanded per month (magic wands)\n4 0 16\n6 4 12\n8 8 8\n10 12 4\n12 16 0\n\non 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.

Answer

Explanation:

Step1: Identify supply - price and quantity pairs

The supply pairs are: (4,0), (6,4), (8,8), (10,12), (12,16). Plot these points (orange - square symbols) on the graph with price on the y - axis and quantity on the x - axis.

Step2: Identify demand - price and quantity pairs

The demand pairs are: (4,16), (6,12), (8,8), (10,4), (12,0). Plot these points (blue - circle symbols) on the graph.

Step3: Find equilibrium

The equilibrium occurs where quantity supplied equals quantity demanded. From the table, when the price is $8, the quantity supplied and quantity demanded are both 8. Mark this point (8,8) with a grey star symbol.

Answer:

Plot supply points (4,0), (6,4), (8,8), (10,12), (12,16) as orange squares. Plot demand points (4,16), (6,12), (8,8), (10,4), (12,0) as blue circles. Mark the equilibrium point (8,8) as a grey star.