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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