During Valentine's week, more people buy boxes of chocolates than in a normal week and chocolatiers offer their chocolates in special red boxes which cost more to produce than the everyday box. The graph shows the market for chocolates during a normal week. Price (dollars per box) 19.00- So 17.00- Draw a curve to show the effect when people buy more boxes of chocolates during Valentine's week. Label it 1. 15.00- Draw a curve to show the effect of chocolatiers offering their chocolates in special red boxes. Label it 2. Draw a point to show the new equilibrium price and new equilibrium quantity. 13.00- 11.00- 1000 1200 1400 Do 1600 1800 Quantity (boxes per week)
During Valentine's week, more people buy boxes of chocolates than in a normal week and chocolatiers offer their chocolates in special red boxes which cost more to produce than the everyday box. The graph shows the market for chocolates during a normal week. Price (dollars per box) 19.00- So 17.00- Draw a curve to show the effect when people buy more boxes of chocolates during Valentine's week. Label it 1. 15.00- Draw a curve to show the effect of chocolatiers offering their chocolates in special red boxes. Label it 2. Draw a point to show the new equilibrium price and new equilibrium quantity. 13.00- 11.00- 1000 1200 1400 Do 1600 1800 Quantity (boxes per week)
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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Transcribed Image Text:During Valentine's week, more people buy boxes of chocolates than in a normal week and
chocolatiers offer their chocolates in special red boxes which cost more to produce than the
everyday box.
The graph shows the market for chocolates during a normal week.
Price (dollars per box)
19.00-
So
17.00-
Draw a curve to show the effect when people buy more boxes of chocolates during Valentine's
week. Label it 1.
15.00-
Draw a curve to show the effect of chocolatiers offering their chocolates in special red boxes.
Label it 2.
Draw a point to show the new equilibrium price and new equilibrium quantity.
13.00-
11.00-
1000
1200
1400
Do
1600
1800
Quantity (boxes per week)
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