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Bob owns a roadside stand that sells rhubarb pie. Bob likes to experiment with various pricing strategies in order to determine the most efficient way
Bob owns a roadside stand that sells rhubarb pie. Bob likes to experiment with various pricing strategies in order to determine the most efficient way to run his business. The table below
depicts some recent price changes and responses by consumers. Graphically illustrate the appropriate demand and supply curves and where the shortages, surplus, and market equilibrium prices were found.
Price Changes and Responses by Consumers
Price | Quantity Demanded | Quantity Supplied |
$4.89 | 311 | 255 |
$4.29 | 388 | 214 |
$5.39 | 198 | 309 |
$5.19 | 268 | 300 |
$5.00 | 279 | 279 |
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