Given the table, answer the following questions.

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?
The table title, and row and column labels give us an overview of the information contained in the table. This helps to orient us to the information being presented in the table.
2. What are the labels for each column? Include the units of each column in your answer.
Column 1: Price per box, in units of dollars.
Column 2: Quantity demanded, in units of millions of boxes per year.
Column 3: Quantity supplied, in units of millions of boxes per year.
3. At what price are the quantity demanded and the quantity supplied the same?
The supply and demand are the same at a price per box of \$3.
4. Describe the changes in both the quantity demanded and quantity supplied, relative to the price per box.
As the price per box decreases (from \$5 to \$1) the quantity demanded per year increases (from 9 million to 20 million).
As the price per box decreases, the quantity supplied drops from 18 million boxes per year to 0 boxes per year.
So, as the price drops, the demand rises, and the supply drops.
5. At what price will cornflakes stop being supplied?
At a price of \$1 per box cornflakes will stop being supplied.

If you got all of this correct, you should move on to the next unit. If you had any problems reading the table for this practice, you should read through the detailed solution. You may also wish to try the additional practice for this unit.