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Question
The daily demand for bottled water is 35 bottles when the price is set at $1. However, if the price is raised to $5, the demand is only 5 bottles. The bottled water producer is willing to supply 40 bottles if the price is set at $5 per bottle, but will only supply 10 bottles if the price is set at $2. Draw the supply and demand curves for the water bottles on the graph below. Label each curve and each axis. At what level does equilibrium occur? What are the areas of surplus and shortage?
Answer
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