4 Suppose demand increases so thai the new demand function becomes Qd = 2200 - SP while the supply function does not change. It is still Qs -500 + 4P. Compute for the aew equilitrium price and new cquilibrium quantity. Whai happens to the equilibriunm price and equilibrium quantity afler the change in demand?

4 Suppose demand increases so thai the new demand function becomes Qd = 2200 - SP while the supply function does not change. It is still Qs -500 + 4P. Compute for the aew equilitrium price and new cquilibrium quantity. Whai happens to the equilibriunm price and equilibrium quantity afler the change in demand?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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