Supply: Q3P-30 Demand: Q-2P+ 220 Where Pis the price of gum, and Qis the quantity, in millions of packs. S. What is the equilibrium price of gum? (Please enter a whole number, with no decimal point). 6. How many packs of gum will be bought and sold in equilibrium? (Answer in millions, so if the answer is 9,000,000 packs, write "9*.) (Please enter a whole number, with no decimal point). 7. Suppose that a huge fire destroys one-third of the gum factories. The supply of gum decreases to two-thirds of the amount shown in the above supply curve (.e. at every price, 2/3 as much is supplied as was before the fire). What is the new equilibrium quantity of gum? (In millions).

Supply: Q3P-30 Demand: Q-2P+ 220 Where Pis the price of gum, and Qis the quantity, in millions of packs. S. What is the equilibrium price of gum? (Please enter a whole number, with no decimal point). 6. How many packs of gum will be bought and sold in equilibrium? (Answer in millions, so if the answer is 9,000,000 packs, write "9*.) (Please enter a whole number, with no decimal point). 7. Suppose that a huge fire destroys one-third of the gum factories. The supply of gum decreases to two-thirds of the amount shown in the above supply curve (.e. at every price, 2/3 as much is supplied as was before the fire). What is the new equilibrium quantity of gum? (In millions).

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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