4. The table below presents the demand and supply schedule for tomatoes. Price (in Pesos) 30 40 50 60 70 QD 100 80 60 40 20 per month QS 20 40 60 80 100 a. The equilibrium price is P b. The equilibrium quantity is per month. c. Suppose there is an influx of individuals in the area thus demand for tomatoes increase by 50% at each same price while supply is fixed. What is now the equilibrium price and quantity. Illustrate your answer graphically.

4. The table below presents the demand and supply schedule for tomatoes. Price (in Pesos) 30 40 50 60 70 QD 100 80 60 40 20 per month QS 20 40 60 80 100 a. The equilibrium price is P b. The equilibrium quantity is per month. c. Suppose there is an influx of individuals in the area thus demand for tomatoes increase by 50% at each same price while supply is fixed. What is now the equilibrium price and quantity. Illustrate your answer graphically.

Principles of Economics, 7th Edition (MindTap Course List)

7th Edition

ISBN:9781285165875

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter4: The Market Forces Of Supply And Demand

Section: Chapter Questions

Problem 11PA

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