Price (dollars per sandwich) 0 869SAWN- 2 3 4 5 7 Quantity supplied (sandwiches per week) 0 Quantity demanded 400 350 300 250 200 150 100 50 0 3. If the quantity demanded decreases by 100 sandwiches an hour at each price, what is the equilibrium price and quantity in the market given this shift in demand? 50 100 150 200 250 300 350 400

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
Price
(dollars per
sandwich)
0
|
2345678
2
4
5
6
7
Quantity
supplied
(sandwiches per week)
0
Quantity
demanded
400
350
300
250
200
150
100
50
0
3. If the quantity demanded decreases by 100 sandwiches an hour at each price, what
is the equilibrium price and quantity in the market given this shift in demand?
50
100
150
200
250
300
350
400
Transcribed Image Text:Price (dollars per sandwich) 0 | 2345678 2 4 5 6 7 Quantity supplied (sandwiches per week) 0 Quantity demanded 400 350 300 250 200 150 100 50 0 3. If the quantity demanded decreases by 100 sandwiches an hour at each price, what is the equilibrium price and quantity in the market given this shift in demand? 50 100 150 200 250 300 350 400
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Equilibrium is a state where there is neither any surplus nor any shortage.

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