Practice #1

Given the table below, answer the items below. When you are done check your answers with the ones provided in the solution (to view the solution, click on the [solution to practice] button at the bottom of this page).

Combining Demand and Supply for Cornflakes
Price per Box
(dollars)		 Quantity Demanded
(millions of boxes per year)		 Quantity Supplied
(millions of boxes per year)
5 9 18
4 10 16
3 12 12
2 15 7
1 20 0

  1. When you first encounter a table, why is it important to review the table title and row and column labels?
  2. What are the labels for each column? Include the units of each column in your answer.
  3. At what price are the quantity demanded and the quantity supplied the same?
  4. Describe the changes in both the quantity demanded and quantity supplied, relative to the price per box.
  5. At what price will cornflakes stop being supplied?

Solution
[solution to practice]