The table shows the demand and supply schedules for boxes of chocolates in an average week. Use this information to work Problems 5 and 6.

5. If the price of chocolates is $17.00 a box, describe the situation in the market. Explain how market equilibrium is restored.

6. During Valentine's week, more people buy chocolates and chocolatiers offer their chocolates in special red boxes, which cost more to produce than the everyday box. Set out the three-step process of analysis and show on a graph the adjustment process to the new equilibrium. De[1]scribe the changes in the equilibrium price and the equilibrium quantity

Price dollars per week Quantity demanded boxes per week quantity supplied

boxes per week

13.00 1600 1200

14.00 1500 1300

15.00 1400 1400

16.00 1300 1500

17.00 1200 1600

18.00 1100 1700