Last year, 1000 galions of almond milk (a non-dairy product) were sold at a price of $10 Yet, this year, a bad harvest in Califomia has wiped out a significant part of the aimond harvest At the same tme, a largernumber of people are looking to shift away from dairy products towards non-dairy atematives. Because of these two changee,O the equilbrum price will increase and change in the equlbrum quantity is unambiguousO he equtibrium price will decrease but change in the equilbrum quantity is ambiguousO he change in the equiibrium price is ambiguous, but the equilbrium quantty wil increaseO he equiibrium price will increase but change in the equilbrum quantity is ambiguous

Given: Quantity of almond milk=1000 gallons Price=$10

Last year 1000 galone of amond ma non dairy produt were soldprice of S0 Y yearabad harvestin Caomia has wped outaigcat partof the amond harvest Aheame tme, arger umber of penple are looking t Laaay from dairy products towards non dairy atematives. Because of these change OPe um price wiincree and changeintheulbrum quanity is unambigo Oeen price wdeese tut change in the eubrum quanty ambigu OPe change in the equilbrium price is ambiguous but the equibrium quantty will increase Ohe um price will noane but change inthe ulbrun quarityis anbiguous

Last year 1000 galone of amond ma non dairy produt were soldprice of S0 Y yearabad harvestin Caomia has wped outaigcat partof the amond harvest Aheame tme, arger umber of penple are looking t Laaay from dairy products towards non dairy atematives. Because of these change OPe um price wiincree and changeintheulbrum quanity is unambigo Oeen price wdeese tut change in the eubrum quanty ambigu OPe change in the equilbrium price is ambiguous but the equibrium quantty will increase Ohe um price will noane but change inthe ulbrun quarityis anbiguous

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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