Price 3 X 2 1 150 450 300 600 900 Quantity per month 4 10 750 1050,200 1350 Suppose that in December the demand of mandarin oranges increases by 375 while the supply increases by 150. a) Draw the new curves D2 and S2 in graph above. Plot only the endpoints of the curve above and position those points on the edges. of the graphing area. b) What will be the new equilibrium price and quantity? Equilibrium price: $ Equilibrium quantity: ***

ENGR.ECONOMIC ANALYSIS
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ISBN:9780190931919
Author:NEWNAN
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Chapter1: Making Economics Decisions
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Price
x
2
1
150
450
750
300
600
4
3
10
900
Quantity per month
105012001350
Suppose that in December the demand of mandarin oranges increases by 375 while the supply increases by 150.
a) Draw the new curves D2 and S2 in graph above. Plot only the endpoints of the curve above and position those points on the edges.
of the graphing area.
b) What will be the new equilibrium price and quantity?
Equilibrium price: $
Equilibrium quantity:
***
Transcribed Image Text:Price x 2 1 150 450 750 300 600 4 3 10 900 Quantity per month 105012001350 Suppose that in December the demand of mandarin oranges increases by 375 while the supply increases by 150. a) Draw the new curves D2 and S2 in graph above. Plot only the endpoints of the curve above and position those points on the edges. of the graphing area. b) What will be the new equilibrium price and quantity? Equilibrium price: $ Equilibrium quantity: ***
The graph below shows the market for mandarin oranges in Odin for the month of November (in thousands of kilos).
1
6
5
X
4
3
2
450
750 10501200¹ 1350
300
600
900
Quantity per month
Price
8
7
DS
0 150
Tools
D₂
S2
Transcribed Image Text:The graph below shows the market for mandarin oranges in Odin for the month of November (in thousands of kilos). 1 6 5 X 4 3 2 450 750 10501200¹ 1350 300 600 900 Quantity per month Price 8 7 DS 0 150 Tools D₂ S2
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