Let us take another look at the supply and demand of widgets as outlined in our previous Assignment No. 3:Price (P):$40$35$30$25$20$15$10$5$0Quantity Demanded (QD):0510152025303540Quantity Supplied (QS):363228242016840Use Excel charts to show how the supply and demand curves would shift if the sellers would all of a sudden be willing to sell 4 additional units (beyond what the above table suggests) at any given price, and at the same time that the buyers would reduce the amount that they would be willing to buy at any given price by 5 units. What would be the new equilibrium price and quantity after this happens?

Equilibrium Point is achieved at the point where the demand and supply of a quantity is equal . At…

Answered: et us take another look at the supply…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Let us take another look at the supply and demand of widgets as outlined in our previous Assignment No. 3:

Price (P):	$40	$35	$30	$25	$20	$15	$10	$5	$0
Quantity Demanded (Q_D):	0	5	10	15	20	25	30	35	40
Quantity Supplied (Q_S):	36	32	28	24	20	16	8	4	0

Use Excel charts to show how the supply and demand curves would shift if the sellers would all of a sudden be willing to sell 4 additional units (beyond what the above table suggests) at any given price, and at the same time that the buyers would reduce the amount that they would be willing to buy at any given price by 5 units. What would be the new equilibrium price and quantity after this happens?

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