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

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter6: Consumer Choices

Section: Chapter Questions

Problem 15CTQ: Income Effects depend on the income elasticity of demand for each good limit you buy. If one of the...

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