The graph below shows the market for mandarin oranges in Odin for the month of November (in thousands of kilos).Tools7.D26.4.3.2.8401080960120360600240480720Quantity per monthPrice 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 edgesof the graphing area.b) What will be the new equilibrlum price and quantity?Equilibrium price: $Equilibrium quantity:

The demand and supply increases by 300 and 120 respectively.

Answered: Suppose that in December the demand of…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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