Price 3 X 2 1 150 450 300 600 900 Quantity per month 4 10 750 1050,200 1350 Suppose that in December the demand of mandarin oranges increases by 375 while the supply increases by 150. a) Draw the new curves D2 and S2 in graph above. Plot only the endpoints of the curve above and position those points on the edges. of the graphing area. b) What will be the new equilibrium price and quantity? Equilibrium price: $ Equilibrium quantity: ***

Price 3 X 2 1 150 450 300 600 900 Quantity per month 4 10 750 1050,200 1350 Suppose that in December the demand of mandarin oranges increases by 375 while the supply increases by 150. a) Draw the new curves D2 and S2 in graph above. Plot only the endpoints of the curve above and position those points on the edges. of the graphing area. b) What will be the new equilibrium price and quantity? Equilibrium price: $ Equilibrium quantity: ***

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

ChapterA: The Use Of Mathematics In Principles Of Economics

Section: Chapter Questions

Problem 3RQ: Exercise A3 What dome slices of a pie chart represent?

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