To show whether the price of lobster is higher or lower during the fall than during the summer,
1.) use the line drawing tool to draw a lobster supply curve ( upper s subscript summer ssummer) and a lobster demand curve ( upper d subscript summer dsummer) for the summer. properly label the lines.
2.) use the line drawing tool to draw a lobster supply curve ( upper s subscript fall sfall) and a lobster demand curve ( upper d subscript fall dfall) for the fall that reflects improved fishing conditions and that vacationers have gone home. properly label the lines. 3.) use the point drawing tool to indicate the equilibrium price and quantity for the summer ( equilibrium subscript summer equilibriumsummer) and the equilibrium price and quantity for the fall ( equilibrium subscript fall equilibriumfall). properly label the points.