Question: 3. Suppose the following table shows the (2) for soda drinks in (1) and Country A. Fill in the blank at the top of each column, indicating whether it represents the supply or demand for soda drinks. (2) Price ($) (million oz.) (million oz.) 2 4 10 12 14 1) Draw a graph plotting each point in the table above that represents the market demand curve of sodaShow transcribed image text1) Market demand: There exist an inverse relationship between price and market demand. when price increases and market demand decreases and viceversa. In the above table price is Rs 2 and market demand is 75, then price increases to Rs 4 and market d…View the full answerTranscribed image text: 3. Suppose the following table shows the (2) for soda drinks in (1) and Country A. Fill in the blank at the top of each column, indicating whether it represents the supply or demand for soda drinks. (2) Price ($) (million oz.) (million oz.) 2 4 10 12 14 1) Draw a graph plotting each point in the table above that represents the market demand curve of soda drinks. Label this curve ‘D’. 2) Plot each point in the table above that represents the market supply curve of soda drinks. Label this curve ‘S’. 3) Plot the equilibrium point. 4) Suppose the income of individuals in country A increase, show on the graph what would be the effect of such increase on demand or supply? And does the equilibrium point change? 0 8 2288389 75 70 60 55 50 45 2948323 35 40 45 50 55
