Furby Mania - Supply and Demand Worksheet (2) - Apply...

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Apply Economic Theories, Furby ManiaSupply and Demand WorksheetGraph 1The graph below shows supply and demand curves for the Furby market before Furby toys werepopular.1a. What does the blue line represent? What does the red line represent?
1b. What is the space on the graph between the blue, green and red lines called? What does it represent?
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Apply Economic Theories, Furby ManiaSupply and Demand Worksheetsurplus situation. 1c. Estimate the equilibrium point. What does it represent?
Graph 2Sketch a graph of supply-and-demand curves that depict the holiday season when the Furby craze took off, but Furby toys still retailed for $35. Use the same colors as above. Mark the area that represents the shortage with a green line.2a. Explain what changed between Graph 1 and Graph 2. Is the change in demand represented

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