The Following Data Represent Five Points On The Supply Curve For Orange Juice Quanti 3401980

The following data represent five points on the supply curve for orange juice Quantity (Millions of Gallons) 100 Price S Per Gallon) 2 300 4 700 and these data represent 5 points on the demand curve for orange juice Price Quantity (Millions of Gallons) 700 600 ($ Per Gallon) 2 4 400 300 a. Graph the points of these supply and demand curves for orange juice. Be sure to put price on the vertical axis and quantity on the horizontal axis b. Do these points seem to lie along two straight lines? If so, figure out the precise algebraic equation of these lines. (Hint: If the points do lie on straight lines, you need only consider two points on each of them to calculate the lines.) Use your solutions from part b to calculate the “excess demand” for orange juice if the market price is zero. c. d. tUse your solutionrm pabto leuilate the ‘excess upply’ of orange juice if the orange juice price is S6 per gallon.

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