Answer to Question #83082 in Microeconomics for sandy

Question

Dollar sales were down 3% for the 52 weeks ending March 26 with $1.4 billion. Pounds were down 5% with 1 billion pounds sold. Price per pound was up 3% to $1.36. Assuming a change in only one of supply or demand, what is happening in the market?

Answer 1

Dollar sales were down 3% for the 52 weeks ending March 26 with $1.4 billion. Pounds were down 5% with 1 billion pounds sold. Price per pound was up 3% to $1.36. If the price rise and the sales quantity fall, then there is a decrease in supply in the market.