Consider the market demandand supply schedulesfor chocolate bars Possible price of chocolatebars(pence) Quantity dem andedper Quantity supplied 50 40 m onth 100 000 150 000 per m onth 420 000 300 000 30 200 000 260 000 200 000 20 120 000 60 000 10 330000 400 000 40 000 On graph paper plot the demand and supply curvesfor chocolate bars on one graphwit 'price per chocolate bar" on the vertical axis and quantity per m onth' alongthe botton 1. Using the above table state at which price dem andequals gupply. This will be the m arketpricefor chocolate barsbecause at that price producers are will make and selljust asm anybars asconsumers are willing to buy.

Consider the market demandand supply schedulesfor chocolate bars Possible price of chocolatebars(pence) Quantity dem andedper Quantity supplied 50 40 m onth 100 000 150 000 per m onth 420 000 300 000 30 200 000 260 000 200 000 20 120 000 60 000 10 330000 400 000 40 000 On graph paper plot the demand and supply curvesfor chocolate bars on one graphwit 'price per chocolate bar" on the vertical axis and quantity per m onth' alongthe botton 1. Using the above table state at which price dem andequals gupply. This will be the m arketpricefor chocolate barsbecause at that price producers are will make and selljust asm anybars asconsumers are willing to buy.

Principles of Macroeconomics (MindTap Course List)

8th Edition

ISBN:9781305971509

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter5: Elasticity And Its Application

Section: Chapter Questions

Problem 4CQQ

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