The table shows the demand and supply schedules for bread. A drought in wheat growing areas decreases the supply of bread by 75 oaves a day. The new equilibrium price is $ loaves a day. a loaf and the new equilibrium quantity is

The table shows the demand and supply schedules for bread. A drought in wheat growing areas decreases the supply of bread by 75 oaves a day. The new equilibrium price is $ loaves a day. a loaf and the new equilibrium quantity is

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

The table shows the demand and supply schedules for bread.
A drought in wheat growing areas decreases the supply of bread by 75
loaves a day.
The new equilibrium price is $
loaves a day.
a loaf and the new equilibrium quantity is
Price
(dollars per
loaf)
1.00
1.35
1.70
2.05
2.40
Quantity
demanded Quantity supplied
(loaves per day)
250
200
150
100
50
25
50
75
100
125

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