New York decides to reduce the consumption of sugary soda by imposing a minimum price of $2.50 per soda. The current equilibrium price is $1.50. Using the double arrow line tool, show the difference between the quantity supplied and quantity demanded when the market price of soda is $2.50. Properly label this difference. Carefully follow the instructions above, and only draw the required objects. Price ($) 5- 4.5- 4- 3.5- 3- 2.5 2- 1.5- 1- 0.5- 0- 0 0.75 1.5 2.25 Quantity Supply Excess supply Demand 3.75 4.5
New York decides to reduce the consumption of sugary soda by imposing a minimum price of $2.50 per soda. The current equilibrium price is $1.50. Using the double arrow line tool, show the difference between the quantity supplied and quantity demanded when the market price of soda is $2.50. Properly label this difference. Carefully follow the instructions above, and only draw the required objects. Price ($) 5- 4.5- 4- 3.5- 3- 2.5 2- 1.5- 1- 0.5- 0- 0 0.75 1.5 2.25 Quantity Supply Excess supply Demand 3.75 4.5
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
![New York decides to reduce the consumption of sugary soda by imposing a minimum price of $2.50 per soda. The
current equilibrium price is $1.50.
Using the double arrow line tool, show the difference between the quantity supplied and quantity demanded
when the market price of soda is $2.50. Properly label this difference.
Carefully follow the instructions above, and only draw the required objects.
Price ($)
5-
4.5-
4-
3.5-
3-
2.5+
2+
1.5-
1-
0.5-
0-
0
0.75
1.5
2.25 3
Quantity
Supply
3.75
Excess
supply
Demand
4.5
Q](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe340590a-8d9b-4643-8d4f-af1fec917e8c%2Fd09430d6-0a7e-4529-90fc-480049aaadd2%2F0t396st_processed.png&w=3840&q=75)
Transcribed Image Text:New York decides to reduce the consumption of sugary soda by imposing a minimum price of $2.50 per soda. The
current equilibrium price is $1.50.
Using the double arrow line tool, show the difference between the quantity supplied and quantity demanded
when the market price of soda is $2.50. Properly label this difference.
Carefully follow the instructions above, and only draw the required objects.
Price ($)
5-
4.5-
4-
3.5-
3-
2.5+
2+
1.5-
1-
0.5-
0-
0
0.75
1.5
2.25 3
Quantity
Supply
3.75
Excess
supply
Demand
4.5
Q
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