Question
The following table shows the market demand and supply for Gala apples in Red Deer. Price Quantity Demanded Quantity Supplied 0 250 90 1 220
The following table shows the market demand and supply for Gala apples in Red Deer.
| Price | Quantity Demanded | Quantity Supplied |
| 0 | 250 | 90 |
| 1 | 220 | 100 |
| 2 | 190 | 110 |
| 3 | 160 | 120 |
| 4 | 130 | 130 |
| 5 | 100 | 140 |
| 6 | 70 | 150 |
a) What are the equilibrium price and quantity? b) Suppose that the supply increases by 80, what would be the new equilibrium price and quantity? c) After the increase in supply, what would be the surplus/shortage at a price of $3?
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Management Leading And Collaborating In A Competitive World
Authors: Thomas S Bateman, Scott A Snell, Robert Konopaske
15th International Edition
978-1265051303
