Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:9. Othington
blueberry this summer. Both commodities have the
following supply and demand equation:
Village produces strawberry and
Demand
Supply
Straw
24 – 10 Ps + 8 Pb
16 + 4 Ps
berry
Blue
16
15 Pb + 4 Ps
9 + 2 Pb
berry
Unfortunately, many strawberries can't be
harvested due to pests, causing the supply curve to
change to 8 + 4 Ps.
Calculate equilibrium price and quantity before
and after the strawberries can't be harvested!
b. Visualize changes in both industries using
curves!
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