SupplyandDemandWorksheet (6) (Repaired).docx - Supply and...

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Supply and Demand WorksheetGraph 1The graph below shows supply and demand curves for the Furby market before Furby toys werepopular.1a. In your own words, explain the concepts of “supply” and “demand.”
1b. In the above graph, what does the blue line represent? What does the red line represent?
1c. What is the space on the graph between the blue, green and red lines called? What does it represent?
1d. Define “equilibrium point” in your own words. What does the equilibrium point determine?
1e. Estimate the equilibrium point in the above graph.
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

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