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Choose... Use the following data to answer the questions: 365 $22 Price Quantity Demanded Quantity Supplied 395 200 375 250 3

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Answer #1

1.The equilibrium quantity in this market is 320.

Explanation:

When quantity demanded and quantity supplied are equal it is equilibrium quantity.

2.An increase in the labour cost lowers the quantity supplied by 65 bushels at each price. The new equilibrium price would be 28.

Explanation:

When quantity supplied decrease by 65, at the price 28 quantity supplied will be 345-65=280. Which is equal to quantity demanded. So it will be equilibrium quantity.

3.if the quantity demanded at each price increased by 130 bushels, the new equilibrium quantity will be 365.

Explanation:

When quantity demanded increase by 130. At last price quantity demanded will be 235+130=365. Which is equal to quantity supplied. So it will be equilibrium quantity.

4. The equilibrium price in this market will be 30.

Explanation:

At quantity 365 price is 30. It will be equilibrium price.

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