a) In Figure 7 , if the supply curve is S 1 , how much are equilibrium price and quantity?

b) If the supply changes from S 1 to S 2 , does that represent an increase or decrease in supply?

c) How much are the new equilibrium price and quantity? ( LO3 , 4 )

Transcribed Image Text:

Price $16 15 14 13 12 11 10 10 9 8 $2 4 8 12 16 20 24 28 32 36 Quantity S D