The demand and supply for strawberries in Pacifico are as follows: a) Suppose that the supply of
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Question:
The demand and supply for strawberries in Pacifico are as follows:
a)Suppose that the supply of strawberries increase by 40 percent. Find the new quantity supplied in the table below.
Price ($)
Quantity
Demanded
Initial
Quantity
Supplied
New Quantity
Supplied
2
180
60
84
2.25
160
80
112
2.5
140
100
140
2.75
120
120
168
3
100
140
196
3.25
80
160
224
3.5
60
180
252
b)What are the equilibrium price and equilibrium quantity for the initial supply?
Equilibrium Price
= $
0
Equilibrium Quantity
=
0
c)What are the equilibrium price and equilibrium quantity for the new supply?
Expert Answer:
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