4. The table below presents the demand and supply schedule for tomatoes. Price (in Pesos) 30 40 50 60 70 QD 100 80 60 40 20 per month QS 20 40 60 80 100 a. The equilibrium price is P b. The equilibrium quantity is per month. c. Suppose there is an influx of individuals in the area thus demand for tomatoes increase by 50% at each same price while supply is fixed. What is now the equilibrium price and quantity. Illustrate your answer graphically.

4. The table below presents the demand and supply schedule for tomatoes. Price (in Pesos) 30 40 50 60 70 QD 100 80 60 40 20 per month QS 20 40 60 80 100 a. The equilibrium price is P b. The equilibrium quantity is per month. c. Suppose there is an influx of individuals in the area thus demand for tomatoes increase by 50% at each same price while supply is fixed. What is now the equilibrium price and quantity. Illustrate your answer graphically.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

4. The table below presents the demand and supply schedule for
tomatoes.
Price (in Pesos)
30
40
50
60
70
QD
100
80
60
40
20
per month
QS
20
40
60
80
100
a. The equilibrium price is P
b. The equilibrium quantity is
per month.
c. Suppose there is an influx of individuals in the area thus demand for
tomatoes increase by 50% at each same price while supply is fixed.
What is now the equilibrium price and quantity. Illustrate your answer
graphically.

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