4 5 6 Qution 3 Q4 *** + Price I Slide 5 of 6 Question 4 What would happen to equilibrium price and equilibrium quantity of khaki pants if... the price of the cloth used to make khaki pants falls? Price Price Qa Quantity Drag this circle and place it around the letter below for your answer. D Price Q Quantity a Quantity Describe the impact on equilibrium price and equilibrium quantity what happened, and why? (Type your answer here.) The equilibrium price will go down due to the price decline of cloth. Companies have the ability to make different products at lower prices, making the equilibrium quantity decrease because fewer khaki pants are being made. Q Notes Quantity Comments

4 5 6 Qution 3 Q4 *** + Price I Slide 5 of 6 Question 4 What would happen to equilibrium price and equilibrium quantity of khaki pants if... the price of the cloth used to make khaki pants falls? Price Price Qa Quantity Drag this circle and place it around the letter below for your answer. D Price Q Quantity a Quantity Describe the impact on equilibrium price and equilibrium quantity what happened, and why? (Type your answer here.) The equilibrium price will go down due to the price decline of cloth. Companies have the ability to make different products at lower prices, making the equilibrium quantity decrease because fewer khaki pants are being made. Q Notes Quantity Comments

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter12: The Partial Equilibrium Competitive Model

Section: Chapter Questions

Problem 12.12P

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please explain to me step by step how to find the equilibrium price i more detail than before, how do you choose which terms to move to the other side of the equation, and why when moved they are positive or negative the answer that i received before, when i substitute the price in de demand and in the supply equation, i dont get the same answer The following represents demand for widgets (a fictional product): QD = -47,214 – 90P + 0.8M - 2PR where P is the price of widgets, M is income, and PR is the price of a related (fictional) good, the wodget. Supply of widgets is determined by QS = 400P – 15,550 Determine whether widgets are a normal or inferior good, and whether widgets and wodgets are substitutes or complements. Assume that M = $68,500 and PR = $53. Solve algebraically to determine the equilibrium price and quantity of widgets. Generate a supply/demand graph in Excel. Be sure that P is the vertical axis and Q the horizontal. Does the graphical equilibrium correspond to…
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Can you please make sure that it is clear in which each line is shifting No handwritting solution
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