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:

ENGR.ECONOMIC ANALYSIS
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Chapter1: Making Economics Decisions
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The graph below shows the market for mandarin oranges in Odin for the month of November (in thousands of kilos).
Tools
7.
D2
6.
4.
3.
2.
840
1080
960
120
360
600
240
480
720
Quantity per month
Price
Transcribed Image Text:The graph below shows the market for mandarin oranges in Odin for the month of November (in thousands of kilos). Tools 7. D2 6. 4. 3. 2. 840 1080 960 120 360 600 240 480 720 Quantity per month Price
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 S2 in graph above. Plot only the endpolnts of the curve above and position those points on the edges
of the graphing area.
b) What will be the new equilibrlum price and quantity?
Equilibrium price: $
Equilibrium quantity:
Transcribed Image Text: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 S2 in graph above. Plot only the endpolnts of the curve above and position those points on the edges of the graphing area. b) What will be the new equilibrlum price and quantity? Equilibrium price: $ Equilibrium quantity:
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