The diagram below shows the supply and demand curves for some product somewhere. price per unit (P) 260 240 220 200 180 160 140 120 100 80 60 40 20 S₁ D₁ 0 0 50 100 150 200 250 300 350 400 450 500 550 600 number of units (Q) If the wages of workers producing this product were to decrease leading to a change of 150, then the new equilibrium price and quantity traded would be $ and units. Hint: wages is a cost to the firm.

The diagram below shows the supply and demand curves for some product somewhere. price per unit (P) 260 240 220 200 180 160 140 120 100 80 60 40 20 S₁ D₁ 0 0 50 100 150 200 250 300 350 400 450 500 550 600 number of units (Q) If the wages of workers producing this product were to decrease leading to a change of 150, then the new equilibrium price and quantity traded would be $ and units. Hint: wages is a cost to the firm.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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