Answer on Microeconomics Question for amanda
Quantity Demanded Price Quantity Supplied
180 $1.40 90
170 $1.70 110
160 $2.00 130
150 $2.30 150
140 $2.60 170
130 $2.90 190
a) Graph the Supply and Demand curves, label everything!
b) Find the equilibrium price and quantity. Explain in detail why $1.40 is NOT the equilibrium price.
c) Suppose that the price of mangos increases. If mangos are a substitute to breadfruit, show how this would affect the graph in part a). Predict the impact on price and quantity of breadfruit.
d) Suppose the farmer has to pay higher wages to breadfruit pickers. How will this affect the supply and demand curves? Predict the impact on equilibrium price and quantity.
e) Suppose c and d happen at the same time. Predict the impact on equilibrium price and quantity.
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