Please see attached. The question is:If south africa increased its production by 1,000 diamonds while russia stuck to the cartel agreement, south africa's profit would Increase or decrease to $ _____________. ### Price vs. Quantity TableThis table illustrates the relationship between the price (in dollars) and the quantity (in diamonds) of a hypothetical good. The data reveals how quantities supplied or demanded change as the price varies.| **Price** (Dollars) | **Quantity** (Diamonds) ||----------------------|-------------------------|| 8,000 | 3,000 || 7,000 | 4,000 || 6,000 | 5,000 || 5,000 | 6,000 || 4,000 | 7,000 || 3,000 | 8,000 || 2,000 | 9,000 || 1,000 | 10,000 |### AnalysisThis table likely represents a basic economic principle of supply and demand where:- As the **price** decreases from $8,000 to $1,000, the **quantity** increases from 3,000 to 10,000.- This demonstrates an inverse relationship between price and quantity, indicating that as the price of diamonds falls, the quantity demanded increases.This type of data can be used to construct a demand curve, which graphically shows the relationship between the price and quantity demanded, typically with the price on the y-axis and quantity on the x-axis.Educational websites can utilize this table to teach concepts related to economics, such as price elasticity, since it vividly shows how changes in price affect the quantity of goods demanded in the market.

Explanation So, it will make us think that Russia is produced 2000 diamonds and 3000 diamonds is…

Answered: lease see attached. The question is:…

lease see attached. The question is: If south africa increased its production by 1,000 diamonds while russia stuck to the cartel agreement, south africa's profit would Increase or decrease to $ ___

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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