Create a demand schedule and a supply schedule for your product.
Using these schedules, draw a demand curve and a supply curve using PowerPoint or Excel. Use these to determine the equilibrium price and equilibrium quantity for the product.
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Demand Schedule:
Price per Gallon Amount Supplier Will Produce At Price Gallons Demanded At Price
$1.00 10 50
$2.00 20 40
$3.00 30 30
$4.00 40 20
$5.00 50 10