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?
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?
Chapter3: Supply And Demand: Theory
Section: Chapter Questions
Problem 1WNG
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Question
The following table models the
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
Expert Solution
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Step 1
Demand curve is the downward sloping curve.
Supply curve is the upward sloping curve.
Equilibrium is where the quantity demanded is equal to quantity supplied.
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