Suppose that in December the demand of mandarin oranges increases by 300 while the supply increases by 120. a) Draw the new curves D2 and S 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:
Suppose that in December the demand of mandarin oranges increases by 300 while the supply increases by 120. a) Draw the new curves D2 and S 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:
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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