what are the answers to this equilibrium graph E Equilibrium Graphs 2021 - Goog! xoogle.com/document/d/1X1vLl6JJM_AMBOE2SMB2SD40J-nkUwP8_uxn8rTLIfg/editE A Classroomns 2021 A 0 ORequest erpls Helpе.HOw aia tniIS scenario Denent the suppiier or canay pars?Changes in SupplyScenario: The following schedule shows a change in supply based on new technology and methods of producing candybars. The supply increased for candy bars because the new technology allowed the supplier to produce them moreefficiently.Price PerQuantityDemandedQuantitySuppliedNewShortage/Surplus(New QS-QD)$6.00CandyBarQuantitySupplied5.00$6914526124.0043.1034483.00236132.001.001 2 3 45 6 7 89 10 11 12 13 14 15What happened to the original supply curve?How was the equilibrium point affected?What is the surplus at $6.00?Why is there no longer a shortage at $2.00?a.b.C.d.e.How did this scenario benefit the consumers of candy bars?

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a. What happened to the original supply curve? b. How was the equilibrium point affected? c. What is the surplus at $6.00?

ENGR.ECONOMIC ANALYSIS

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ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

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Concept explainers

Market Surplus and Shortage Analysis

In everyday language, a “surplus” indicates that there is an excess of something, while a “shortage” means that there is a scarcity of it. In economics, “market surplus” refers to the condition where the quantity of a certain good more available than what is required or “demanded” by the market. In the same way, a “market shortage” refers to the condition where the quantity of a certain good is less available than what is “demanded” by the market. If quantity in demand is written as Qd and quantity that is supplied is written as Qs, then, the condition Qs > Qd indicates market surplus and condition Qd > Qs indicates market shortage.

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what are the answers to this equilibrium graph

E Equilibrium Graphs 2021 - Goog! x
oogle.com/document/d/1X1vLl6JJM_AMBOE2SMB2SD40J-nkUwP8_uxn8rTLIfg/edit
E A Classroom
ns 2021 A 0 O
Request er
pls Help
е.
HOw aia tniIS scenario Denent the suppiier or canay pars?
Changes in Supply
Scenario: The following schedule shows a change in supply based on new technology and methods of producing candy
bars. The supply increased for candy bars because the new technology allowed the supplier to produce them more
efficiently.
Price Per
Quantity
Demanded
Quantity
Supplied
New
Shortage/
Surplus
(New QS-
QD)
$6.00
Candy
Bar
Quantity
Supplied
5.00
$6
9
14
5
2
6
12
4.00
4
3.
10
3
4
4
8
3.00
2
3
6
1
3
2.00
1.00
1 2 3 45 6 7 8
9 10 11 12 13 14 15
What happened to the original supply curve?
How was the equilibrium point affected?
What is the surplus at $6.00?
Why is there no longer a shortage at $2.00?
a.
b.
C.
d.
e.
How did this scenario benefit the consumers of candy bars?

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