Consider the market demandand supply schedulesfor chocolate bars Possible price of chocolatebars(pence) Quantity dem andedper Quantity supplied 50 40 m onth 100 000 150 000 per m onth 420 000 300 000 30 200 000 260 000 200 000 20 120 000 60 000 10 330000 400 000 40 000 On graph paper plot the demand and supply curvesfor chocolate bars on one graphwit 'price per chocolate bar" on the vertical axis and quantity per m onth' alongthe botton 1. Using the above table state at which price dem andequals gupply. This will be the m arketpricefor chocolate barsbecause at that price producers are will make and selljust asm anybars asconsumers are willing to buy.

Consider the market demandand supply schedulesfor chocolate bars Possible price of chocolatebars(pence) Quantity dem andedper Quantity supplied 50 40 m onth 100 000 150 000 per m onth 420 000 300 000 30 200 000 260 000 200 000 20 120 000 60 000 10 330000 400 000 40 000 On graph paper plot the demand and supply curvesfor chocolate bars on one graphwit 'price per chocolate bar" on the vertical axis and quantity per m onth' alongthe botton 1. Using the above table state at which price dem andequals gupply. This will be the m arketpricefor chocolate barsbecause at that price producers are will make and selljust asm anybars asconsumers are willing to buy.

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

AaBbCcI AaBbCcI AaBbC
= 三
T Normal
T No Spac... Heading 1
Paragraph
Finding the market price
Consider the marketdemandand supply schedulesfor chocdlate bars
Possible price of
chocolate bars(pence)
50
Quantity dem andedper Quantity supplied
m onth
100 000
150 000
per m onth
420 000
40
300 000
30
200 000
260 000
330000
200 000
120 000
60 000
20
10
400 000
40 000
On graphpaper plot the dem and and supply curvesfor chocolate bars on one graphwit
"price per chocolate bar on the vertical axis and quantity per m orth' alongthe bottom
1. Using the above table state at which price dem andequals gupnl..
This will be the m arketpricefor chocolate barsbecause at that price producers are willi
make and selljust asm anybars asconsuners are willing to byy,

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