11. The demand and supply schedules for gum are Quantity Quantity Price demanded supplied (cents per pack)

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11. The demand and supply schedules for gum are Quantity Quantity Price demanded supplied (cents per pack) (millions of packs a week) 20 180 60 40 140 100 60 100 140 80 60 180 100 20 220

a. Draw a graph of the market for gum and mark in the equilibrium price and quantity.

b. Suppose that the price of gum is 70¢ a pack. Describe the situation in the gum market and explain how the price adjusts.

c. Suppose that the price of gum is 30¢ a pack. Describe the situation in the gum market and explain how the price adjusts.

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Parkin Macroeconomics

ISBN: B0070OLVAC

10th Edition

Authors: Michael Parkin

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Question Posted: Nov 05, 2024 11:00 AM

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11. The demand and supply schedules for gum are Quantity Quantity Price demanded supplied (cents per pack)

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Parkin Macroeconomics

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