Assume you are given the following information: 1997 Equilibrium: quantity = 750, price = 500 Additional points in the 1997 supply and 1997 Demand curves are: Quantity = 1000, Price = 700; Quantity = 900, Price = 300, respectively. The 1999 supply, 1999 Demand, and 2000 Demand slopes are the same as the slope for the 1997supply and 1997 Demand curves. 1) What is the new equilibrium in 1999 and 2000? 2) Illustrate, graph, the shifts in demand and supply in 1999 and 2000. m Industry Growth Rate: 2% annual GI Market Anticipation: rapid increase in demand 1997 Company Strategy: double production capacity Industry Strategy: same as AMP Demand: sky-rocketed Shipments: 87% increase 1999 A Prices: 21% increase Demand: decreased to pre-1999 levels II Prices: decreased more than pre-1999 levels 2000 Result: AMP went bankrupt Assume you are given the following information: 1997 Equilibrium: quantity = 750, price = 500 Additional points in the 1997 supply and 1997 Demand curves are: Quantity = 1000, Price = 700; Quantity = 900, Price = 300, respectively. The 1999 supply, 1999 Demand, and 2000 Demand slopes are the same as the slope for the 1997supply and 1997 Demand curves. 1) What is the new equilibrium in 1999 and 2000? 2) Illustrate, graph, the shifts in demand and supply in 1999 and 2000. m Industry Growth Rate: 2% annual GI Market Anticipation: rapid increase in demand 1997 Company Strategy: double production capacity Industry Strategy: same as AMP Demand: sky-rocketed Shipments: 87% increase 1999 A Prices: 21% increase Demand: decreased to pre-1999 levels II Prices: decreased more than pre-1999 levels 2000 Result: AMP went bankrupt