Question

Part One: 1) Choose a commonly used good or service from the list provided below: Cell phone Bread Milk T-shirt Jeans Shoes Going out to eat Getting a haircut Another good or service approved by your teacher 2) Using paper/pencil or a computer program, make a table that looks like this: Finding Equilibrium Price Price of (Insert the name of your good or service) Quantity Demanded Quantity Supplied 3) You will research list prices for your chosen good or service. A computer is the easiest way to complete this step. Gather four different list prices for your good. For example, you could choose four different price levels for a pair of jeans that range from $15 (the cost of a pair of discount store jeans) to $200 (cost of a pair of designer jeans). To find four reasonable list prices for your good, try putting "average price of (your good)" into a search engine, such as Google. For example, if you choose shoes, then you can search for "average price of shoes." It is possible to do this step without a computer—by comparative window-shopping. This means that you go to the store that sells your product to find four list prices for the good. For example, you could go to the grocery store and locate the bread aisle. Then write down four different list prices for bread. After you have gathered four different list prices for your good or service, put them into the "Price" column of your "Finding Equilibrium Price" table. 4) Survey ten people to find out the quantity (amount) of the good or service they would demand at the different list prices. For example, suppose you chose jeans for your project. You could ask a friend, "How many pairs of jeans would you buy at a price of $15?" Then you could ask your friend how many pairs of jeans he or she would buy at the other three list prices. Remember that you are surveying ten people. That means that you must ask ten people how many pairs of jeans they would buy at each of the four price levels. Record their answers in the "Quantity Demanded" column of the "Finding Equilibrium Price" table. For example, suppose your mom demands ten pairs of jeans at $15 per pair. You would write a "10" in the quantity demanded column for the row that has a price of $15. It would look like this: Price of Jeans Quantity Demanded Quantity Supplied $15 10 Now suppose your friend demands twenty pairs of jeans at a price of $15 per pair. The first two columns of your table now look like this: Price of Jeans Quantity Demanded Quantity Supplied $15 30 The quantity demanded column now has thirty pairs of jeans (your mom's ten pairs plus your friend's twenty pairs). Remember to ask the people in your survey how many pairs of jeans they would demand at each price level and to keep track of their responses in the "Quantity Demanded" column. 5) Make a list of the ten people in your survey.

Answer 1

you can do bread. heres some helpful number for you

price of bread $1.25   $5.00   $9.00   $15.00

person one         10          2          0            0

person two           5           4          1            0

person three        20         10        5             1

person four           2             1         0           0

person 5                8             2       2             0

person 6                 5            5        3           2

person 7                   15           3       1         0

person 8                    1             0       0        0

person 9                      25         5         2       1

person 10                     8            5         3      2

hope this helps if im not too late