The supply curve S(x) and the demand curve D(x) for chocolates are given by: S(x) = 4r + 16 D(x) = 8-x for 0 <= x <= 8 4 X: quantity in units, S and D price per unit A) What is the revenue of the producer in the equilibrium? B) Assume that the producers decide to sell the product for a price of 2 per unit without changing the supply curve. What is the corresponding demand and supply for this price? C) Mark the gap between supply and demand for price 1.2 per unit in the graph? Explain what the producers haveD to do.

The supply curve S(x) and the demand curve D(x) for chocolates are given by: S(x) = 4r + 16 D(x) = 8-x for 0 <= x <= 8 4 X: quantity in units, S and D price per unit A) What is the revenue of the producer in the equilibrium? B) Assume that the producers decide to sell the product for a price of 2 per unit without changing the supply curve. What is the corresponding demand and supply for this price? C) Mark the gap between supply and demand for price 1.2 per unit in the graph? Explain what the producers haveD to do.

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 8WNG

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