Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
![Suppose that the graph illustrates the market demand for soda per month with an equilibrium price of $3.00 and equilibrium
quantity of 4,000 sodas. Please indicate on the graph the effects of excess inventories that lower the price by $2 and place point
A at the new equilibrium.
Price (5)
6.0
5.0
4.0
3.0
2.0
1.0
0.0
O
3.0
4.
N
Demand
4,0
5
4
Quantity (thousands)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fbf5870c4-1eaf-4703-9295-8b334f37eac7%2F10e8ad4a-c354-4672-a43d-1c7ae191f36c%2Fk3argbl_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Suppose that the graph illustrates the market demand for soda per month with an equilibrium price of $3.00 and equilibrium
quantity of 4,000 sodas. Please indicate on the graph the effects of excess inventories that lower the price by $2 and place point
A at the new equilibrium.
Price (5)
6.0
5.0
4.0
3.0
2.0
1.0
0.0
O
3.0
4.
N
Demand
4,0
5
4
Quantity (thousands)
![Price (5)
3.0
2.0
1.0-
00
0
3.0
1
2
soda demanded:
4.0
4
Quantity (thousands)
6
What is the new quantity of soda demanded? Enter your answer in thousands, specified to one decimal place.
thousand](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fbf5870c4-1eaf-4703-9295-8b334f37eac7%2F10e8ad4a-c354-4672-a43d-1c7ae191f36c%2Fee5avz_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Price (5)
3.0
2.0
1.0-
00
0
3.0
1
2
soda demanded:
4.0
4
Quantity (thousands)
6
What is the new quantity of soda demanded? Enter your answer in thousands, specified to one decimal place.
thousand
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