Can you show me how to draw the graph for the pizza

Economics

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Step-by-step solution

3 steps

Here's how to draw the demand curve for Pizza:

  1. Set up the axes.

    • Draw a vertical axis (y-axis) and label it "Price ($)".
    • Draw a horizontal axis (x-axis) and label it "Quantity of Pizza".
  2. Plot the points.

    • From part 12.vi, we have two points:
      • When the price of Pizza is $2.00, the quantity demanded is 2 units. Plot the point (2, 2.00).
      • When the price of Pizza is $1.00, the quantity demanded is 5 units. Plot the point (5, 1.00).
  3. Draw the demand curve.

    • Connect the two plotted points with a straight line. This line represents the demand curve for Pizza. It should slope downwards from left to right, illustrating the law of demand.

    The graph will look like this:

    Price ($)2.00∙(Q=2,P=2.00)1.00∙(Q=5,P=1.00)0————————————0123456Quantity of Pizza\begin{array}{c|cc} \text{Price (\$)} & & \\ \hline 2.00 & \bullet & (Q=2, P=2.00) \\ 1.00 & & \bullet (Q=5, P=1.00) \\ 0 & \text{------------------------------------} \\ & 0 \quad 1 \quad 2 \quad 3 \quad 4 \quad 5 \quad 6 \quad \text{Quantity of Pizza} \end{array}

    The line connecting (2,2.00)(2, 2.00) and (5,1.00)(5, 1.00) is the demand curve.

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