Furby Mania - Supply and Demand Worksheet 07 2 19.docx -...

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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?
1c. Estimate the equilibrium point. What does it represent?
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Apply Economic Theories, Furby ManiaSupply and Demand WorksheetEconomics, 2012).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?
© Copyright 2015 College for America at Southern New Hampshire University. All rights reserved.
Apply Economic Theories, Furby ManiaSupply and Demand Worksheet

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