Suppose the demand for apples is: Q = 15,600 4,000P and the supply of apples is: Q = -2,400 + 2,000P where quantity is measured in millions (of apples). a) What is the equilibrium price for apples? b) What is the equilibrium quantity of apples? Now suppose the cost of producing apples increases such that the supply curve for apples shifts to Q = -5,400 + 2,000P. c) Find the new equilibrium price for apples. d) Find the new equilibrium quantity for apples.

Suppose the demand for apples is: Q = 15,600 4,000P and the supply of apples is: Q = -2,400 + 2,000P where quantity is measured in millions (of apples). a) What is the equilibrium price for apples? b) What is the equilibrium quantity of apples? Now suppose the cost of producing apples increases such that the supply curve for apples shifts to Q = -5,400 + 2,000P. c) Find the new equilibrium price for apples. d) Find the new equilibrium quantity for apples.

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter3: Supply And Demand: Theory

Section: Chapter Questions

Problem 1WNG

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