1) In the market for vitamins, QD = 176 – 4P and QS = 10P – 20 .
(a) Solve for the equilibrium price and quantity “by hand”.
(b) Now create a graph in Excel showing the market supply and demand curves, and the equilibrium. Include a title on the graph that says “[First Name]’s Graph”
2) An individual has a budget constraint of $28. The price of healthcare is $2 and the price of all other goods is $4.
(a) Graph their budget constraint.
(b) Label the axes. In other words, indicate whether the X axis is healthcare or all other goods.
(c) Draw the highest indifference curve they would choose. (Draw a curve tangent to the line.)