10 19 8 Price (dollars) 6 4 2 B S D 1 0 100 200 300 400 500 600 700 Quantity Let demand remain constant at D; an increase in wages causes firms to be willing and able to sell 150 fewer units at each price than they were before the wage increase. Answers: The new equilibrium price and quantity will be P = $8 and Q = 300. The new equilibrium price and quantity will be P = $6 and Q = 150. The new equilibrium price and quantity will be P = $7 and Q = 250. The new equilibrium price and quantity will be P = $6 and Q = 400.

Principles Of Marketing
17th Edition
ISBN:9780134492513
Author:Kotler, Philip, Armstrong, Gary (gary M.)
Publisher:Kotler, Philip, Armstrong, Gary (gary M.)
Chapter1: Marketing: Creating Customer Value And Engagement
Section: Chapter Questions
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10
19
8
Price (dollars)
6
4
2
B
S
D
1
0
100
200
300
400
500
600
700
Quantity
Let demand remain constant at D; an increase in wages causes firms to be willing and able to
sell 150 fewer units at each price than they were before the wage increase.
Answers: The new equilibrium price and quantity will be P = $8 and Q = 300.
The new equilibrium price and quantity will be P = $6 and Q = 150.
The new equilibrium price and quantity will be P = $7 and Q = 250.
The new equilibrium price and quantity will be P = $6 and Q = 400.
Transcribed Image Text:10 19 8 Price (dollars) 6 4 2 B S D 1 0 100 200 300 400 500 600 700 Quantity Let demand remain constant at D; an increase in wages causes firms to be willing and able to sell 150 fewer units at each price than they were before the wage increase. Answers: The new equilibrium price and quantity will be P = $8 and Q = 300. The new equilibrium price and quantity will be P = $6 and Q = 150. The new equilibrium price and quantity will be P = $7 and Q = 250. The new equilibrium price and quantity will be P = $6 and Q = 400.
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