Understanding Market Dynamics with Apple Price and Quantity
Prompt
Create a graphic representation of a market situation where the price and quantity of apples influence buyer and seller decisions. At a price of 0.60 C/kg, buyers are willing to buy 60 kg of apples and sellers want to sell 30 kg. If the price is 0.70 C/kg, buyers want 60 kg and sellers desire to sell 40 kg. When the price increases to 0.80 C/kg, both buyers and sellers agree on 50 kg. At 0.90 C/kg, buyers drop their demand to 30 kg while sellers increase their supply to 70 kg. Finally, when the apple price hits 1.00 C/kg, buyers switch to bananas. The axes should show price versus quantity and different curves representing the demand (D) and supply (S). Also, show the calculation of elasticity coefficient using any points from the graph using the formula -((Q1-Q0)/Q0) / ((P1-P0)/P0).
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