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The table below shows the demand and supply schedules for boxes of chocolates in an average week.

a- Draw a figure showing the demand curve and the supply for boxes of chocolates. What is the market equilibrium price and the market equilibrium quantity?b.If the price of chocolates is $17.00 a box, will there be a surplus or a shortage? Of how many units? Explain how the market can adjust?c- Suppose that for the New Year the price of chocolates box decrease. The new price is $14.00 a box. Will there be a surplus or shortage? Of how many units? Explain how the market can adjust?d- 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. By using the previous graph, show on the adjustment process to the new equilibrium. Then, describe the changes in the equilibrium price and the equilibrium quantity

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Macroeconomics, Economics

  • Category:- Macroeconomics
  • Reference No.:- M91548630

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