Here are the circumstances in an apple juice market. In this market, the supply curve is QS = 10PJ - 5PA and the demand curve is QD = 100 - 15PJ + 10PT, where J is apple juice, A is apples, and T is tea. (b) If there is a failure during the harvest so that the price of apples becomes PA = $ 2, find the new equilibrium market price and quantity of apple juice. Draw a graph to show your answer.
Here are the circumstances in an apple juice market. In this market, the supply curve is QS = 10PJ - 5PA and the demand curve is QD = 100 - 15PJ + 10PT, where J is apple juice, A is apples, and T is tea. (b) If there is a failure during the harvest so that the price of apples becomes PA = $ 2, find the new equilibrium market price and quantity of apple juice. Draw a graph to show your answer.
Chapter1: Making Economics Decisions
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4. Here are the circumstances in an apple juice market. In this market, the supply curve is QS = 10PJ - 5PA and the demand curve is QD = 100 - 15PJ + 10PT, where J is apple juice, A is apples, and T is tea.
(b) If there is a failure during the harvest so that the price of apples becomes PA = $ 2, find the new equilibrium market price and quantity of apple juice. Draw a graph to show your answer.
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