Consider a market in which the demand curve is given by P= 1000-5Q, and the supply curve is given by P = 7.20 Suppose there is a positive supply shock and the supply curve shifts to the right, so that quantity supplied increases by 100 at each price. What is the new equilibrium price? Give your answer to 2 decimal places. 590.2

Macroeconomics
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ISBN:9781337617390
Author:Roger A. Arnold
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Chapter3: Supply And Demand: Theory
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Consider a market in which the demand curve is given by P= 1000-50, and the supply curve is given by P=7.20.
Suppose there is a positive supply shock and the supply curve shifts to the right, so that quantity supplied increases by 100 at each
price.
What is the new equilibrium price?
Give your answer to 2 decimal places.
590.2
Transcribed Image Text:Consider a market in which the demand curve is given by P= 1000-50, and the supply curve is given by P=7.20. Suppose there is a positive supply shock and the supply curve shifts to the right, so that quantity supplied increases by 100 at each price. What is the new equilibrium price? Give your answer to 2 decimal places. 590.2
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