The two options for the drop down box is either Surplus or Shortage. :) The tabl
ID: 1179486 • Letter: T
Question
The two options for the drop down box is either Surplus or Shortage. :)
The table shows the demand and supply schedules for chocolate bars. Now two changes occur in the market for chocolate bars. Excellent weather in cocoa growing areas increases the quantity supplied by 50 chocolate bars a day at each price. And a news story on CNN that says "Chocolate bars cause obesity when consumed in excess" decreases the quantity demanded by 40 chocolate bars a day at each price. What is the new equilibrium in the market for chocolate bars? At the current price a emerges. The new equilibrium price is $ a chocolate bar and the new equilibrium quantity is chocolate bars a day.Explanation / Answer
new equilibrium price=1.50
new equilibrium quantity=310
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