Apply Economic Theories, Furby ManiaSupply and Demand WorksheetThe estimated equilibrium point would be 20$. It represents where the supply and
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 by a shift in the curve or a movement along the curve? What does this do to the equilibrium point?
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