Now two changes occur in the market for chocolate. A drought in cocoa growing areas decreases the quantity supplied by 50 bars a day at each price. A news story on CNN reports that chocolate is good for your health, which increases the quantity demanded by 100 bars a day at each price. What is the new equilibrium in the chocolate market? The new equilibrium price is $ bars a day. a bar and the new equilibrium quantity is Question Viewer Help me solve this Animation Get more help. Price (dollars per bar) 1.30 1.65 2.00 2.35 2.70 Clear all Quantity demandec (bars 500 400 300 200 100

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
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Question
The table shows the demand and supply schedules for chocolate.
Now two changes occur in the market for chocolate.
A drought in cocoa growing areas decreases the quantity supplied by 50 bars a
day at each price.
A news story on CNN reports that chocolate is good for your health, which
increases the quantity demanded by 100 bars a day at each price.
What is the new equilibrium in the chocolate market?
The new equilibrium price is $ a bar and the new equilibrium quantity is
bars a day.
Question Viewer
Help me solve this Animation Get more help.
M
C
Price
(dollars per
bar)
1.30
1.65
2.00
2.35
2.70
Clear all
Quantity
demanded
500
400
300
200
100
Quantity
supplied
(bars per day)
50
100
150
200
250
Check answer
1
1)
(1)
Transcribed Image Text:The table shows the demand and supply schedules for chocolate. Now two changes occur in the market for chocolate. A drought in cocoa growing areas decreases the quantity supplied by 50 bars a day at each price. A news story on CNN reports that chocolate is good for your health, which increases the quantity demanded by 100 bars a day at each price. What is the new equilibrium in the chocolate market? The new equilibrium price is $ a bar and the new equilibrium quantity is bars a day. Question Viewer Help me solve this Animation Get more help. M C Price (dollars per bar) 1.30 1.65 2.00 2.35 2.70 Clear all Quantity demanded 500 400 300 200 100 Quantity supplied (bars per day) 50 100 150 200 250 Check answer 1 1) (1)
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