What are the equilibrium price and quantity of sweet packs?If sweets were 50 cents a bag, describe the situation in the market for sweets and explain what would happen to the price of a pack of sweets.Use the above data to draw a graph with the cocrrect labelling.Explain what is price elasticity of demand and why it would be important for producers to know the price of elasticity of their product and how would it affect their decision making? QuantityQuantityPricedemandedsupplied(cents per pack )(millions of packs a week)40170905016010060150110701401208013013090120140100110150110100160The demand and supply schedules for sweet packs are displayed in the above table.а.What are the equilibrium price and equilibrium quantity of sweet packs?b.If chips were 50 cents a bag, describe the situation in the market for sweets andexplain what would happen to the price of a pack of sweets.с.Use the above data to draw a graph with the correct labeling.d. Explain what is price elasticity of demand and explain why it would be important for producers to know theprice elasticity of their product and how it would affect their decision making?

Hi. Since there are multiple questions, we will solve the first three questions. Equilibrium is…

Answered: Quantity Quantity Price demanded…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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What are the equilibrium price and quantity of sweet packs?

If sweets were 50 cents a bag, describe the situation in the market for sweets and explain what would happen to the price of a pack of sweets.

Use the above data to draw a graph with the cocrrect labelling.

Explain what is price elasticity of demand and why it would be important for producers to know the price of elasticity of their product and how would it affect their decision making?

Quantity
Quantity
Price
demanded
supplied
(cents per pack )
(millions of packs a week)
40
170
90
50
160
100
60
150
110
70
140
120
80
130
130
90
120
140
100
110
150
110
100
160
The demand and supply schedules for sweet packs are displayed in the above table.
а.
What are the equilibrium price and equilibrium quantity of sweet packs?
b.
If chips were 50 cents a bag, describe the situation in the market for sweets and
explain what would happen to the price of a pack of sweets.
с.
Use the above data to draw a graph with the correct labeling.
d. Explain what is price elasticity of demand and explain why it would be important for producers to know the
price elasticity of their product and how it would affect their decision making?

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