Economics: Principles, Problems, and Policies, 19th Edition

Published by McGraw-Hill Education
ISBN 10: 0073511447
ISBN 13: 978-0-07351-144-3

Chapter 3 - Appendix - Appendix Problems - Page 74: 1b

Answer

Change in equilibrium quantity = -1000 Change in equilibrium price = 1 dollar

Work Step by Step

Equilibrium quantity and price of D1/S1, Quantity: 7000 Price: 2 dollars Equilibrium quantity and price of D1/S2, Quantity: 8000 Price: 1 dollars Change in equilibrium quantity = 7000-8000 = -1000 Change in equilibrium price = 2 dollar - 1 dollar = 1 dollar
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