The following table models the supply and demand of a specialty coffee: Price per Pound $8 $9 $10 $11 $12 Pounds Supplied (in thousands) Pounds Demanded (in thousands) 8 16 9 11 13 16 14 11 9 7 Over time, the demand for this specialty coffee ebbs as competing coffees enter the market. As a result, the demand curve shifts by five thousand pounds at all price points. By how much does the equilibrium quantity change? thousand pounds

The following table models the supply and demand of a specialty coffee: Price per Pound $8 $9 $10 $11 $12 Pounds Supplied (in thousands) Pounds Demanded (in thousands) 8 16 9 11 13 16 14 11 9 7 Over time, the demand for this specialty coffee ebbs as competing coffees enter the market. As a result, the demand curve shifts by five thousand pounds at all price points. By how much does the equilibrium quantity change? thousand pounds

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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The following table models the supply and demand of a specialty coffee: Price per pound Pounds supplied (in thousands) Pounds demanded (in thousands) $8 8 16 $9 9 14 $10 11 11 $11 13 9 $12 16 7 Over time, the demand for this specialty coffee ebbs as competing coffees enter the market. As a result, the demand curve shifts down by five thousand pounds at all price points. What is the new equilibrium price per pound?
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