Economic Skills Lab worksheet on plotting demand curves for CDs and apples, including data tables and graphing exercises.

Since I can't view or access images directly, I’ll help you solve the problem based on the text you’ve provided. Let’s go through the Economic Skills Lab: Plotting Demand Curves step by step.

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Step 1: Understanding the Data

We are given two demand schedules:

#### Demand Schedule for CDs
| Quantity Demanded (monthly) | Price (dollars) |
|----------------------------|-----------------|
| 400 | $5.00 |
| 350 | $7.50 |
| 250 | $10.00 |
| 200 | $12.50 |
| 150 | $15.00 |
| 100 | $17.50 |
| 50 | $20.00 |

#### Demand Schedule for Apples
| Quantity Demanded (weekly) | Price (dollars) |
|----------------------------|-----------------|
| 400 | $0.50 |
| 350 | $0.75 |
| 300 | $1.00 |
| 250 | $1.25 |
| 200 | $1.50 |
| 150 | $1.75 |
| 100 | $2.00 |
| 50 | $2.50 |

These data points are used to plot demand curves.

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Step 2: Questions and Answers

Let’s answer each question one by one.

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#### 1. If the price of CDs is $10, how many will people buy?

From the CD demand schedule:
- At $10.00 → 250 CDs are demanded.

✔ Answer: 250

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#### 2. If the price of CDs is $20, how many will people buy?

At $20.00 → 50 CDs are demanded.

✔ Answer: 50

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#### 3. If the quantity of CDs sold is 200, what is the price?

Find the price where quantity = 200.
- From the table: 200 CDs → $12.50

✔ Answer: $12.50

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#### 4. If the quantity of CDs sold is 100, what is the price?

100 CDs → $17.50

✔ Answer: $17.50

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#### 5. How many apples will students buy at 50 cents each?

50 cents = $0.50
- From the apple demand schedule: $0.50 → 400 apples

✔ Answer: 400

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#### 6. How many apples will students buy at 80 cents each?

80 cents = $0.80

But $0.80 is not in the table. We need to estimate between $0.75 and $1.00.

- At $0.75 → 350 apples
- At $1.00 → 300 apples

So, at $0.80, which is halfway between $0.75 and $1.00, we can assume a linear relationship.

Difference:
- Price increase: $0.25 → Quantity decrease: 50 apples
- So, per $0.05 increase → 10 fewer apples

From $0.75 to $0.80 = $0.05 increase → 10 fewer apples

So, 350 - 10 = 340 apples

✔ Answer: 340

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#### 7. What effect does the price seem to have on the quantity of CDs and apples sold?

As price increases, quantity demanded decreases — this is the law of demand.

✔ Answer: As price increases, the quantity demanded decreases. This inverse relationship is shown in both demand curves.

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#### 8. Calculate total revenue (price × quantity)

##### a. 400 apples at $0.50
Total Revenue = 400 × $0.50 = $200

✔ Answer: $200

##### b. 100 apples at $2.00
Total Revenue = 100 × $2.00 = $200

✔ Answer: $200

##### c. 100 CDs at $17.50
Total Revenue = 100 × $17.50 = $1,750

✔ Answer: $1,750

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✔ Final Answers Summary:

1. 250 CDs
2. 50 CDs
3. $12.50
4. $17.50
5. 400 apples
6. 340 apples
7. Higher prices lead to lower quantities demanded; inverse relationship (law of demand).
8.
a. $200
b. $200
c. $1,750

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Let me know if you’d like help plotting the graphs or understanding the demand curve shapes!