8. Let (inverse) demand be Pb = 87 - 5 Qb and (inverse) supply be Pv = 31 + 1 Qv. Consider the shift in supply illustrated (the intercept of Pv moves by 11), what is the NEW price of the good ? Answer: your answer Price ($) $90 $80 $70 $60 $50 $40 $30 $20 $10 $0 0 2 Demand 4 6 Submit Supply 8 Quantity Eqm 10 12 S+ shift 14 S 16 18

8. Let (inverse) demand be Pb = 87 - 5 Qb and (inverse) supply be Pv = 31 + 1 Qv. Consider the shift in supply illustrated (the intercept of Pv moves by 11), what is the NEW price of the good ? Answer: your answer Price ($) $90 $80 $70 $60 $50 $40 $30 $20 $10 $0 0 2 Demand 4 6 Submit Supply 8 Quantity Eqm 10 12 S+ shift 14 S 16 18

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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