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Consider the market for some product shown at the right. Suppose the market O demand and supply curves are as given below. The quantity is
Consider the market for some product shown at the right. Suppose the market O demand and supply curves are as given below. The quantity is in million units. 22- 20 Demand: p =20 - 2.0Q Supply: p = 6 +2.505. 18- So 16- d. Suppose that production costs fall and so the market supply curve shifts to a new position given by 14- ST 12- Do P = 3+2.505. Price ($) 10- Consumers now suppose the value of an additional unit of the good to be equal to 8- $. (Round your response to two decimal places.) 2- 0- 0.0 1.0 2.0 3.0 4.0 5.0 Quantity (million units)
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