Suppose that the graph below illustrates the market demand for burgers per month with an equilibrium price of $3.00 and equilibrium quantity of 4 thousand burgers. Please indicate on the graph the effects of excess inventories that lowers the price by $2, place point A at the new equilibrium, and then answer the question. Price ($) 5 20 3.0 3 2 0 1 2 4 5 6 3 4.0 Quantity (thousands) Demand 7 8 What is the new quantity of burgers demanded? Enter your answer in thousands, and specify to one decimal place. Number 0 thousand

Suppose that the graph below illustrates the market demand for burgers per month with an equilibrium price of $3.00 and equilibrium quantity of 4 thousand burgers. Please indicate on the graph the effects of excess inventories that lowers the price by $2, place point A at the new equilibrium, and then answer the question. Price ($) 5 20 3.0 3 2 0 1 2 4 5 6 3 4.0 Quantity (thousands) Demand 7 8 What is the new quantity of burgers demanded? Enter your answer in thousands, and specify to one decimal place. Number 0 thousand

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Need help with this. Please show explanation and where to move the lines. Or if you could draw them, it will help much !
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