Consider a market in which the demand curve is given by P= 1000-50, and the supply curve is given by P = 1.00. Suppose there is a positive supply shock and the supply curve shifts to the right, so that quantity supplied increases by 100 at each price, What is the new equilibrium price? Give your answer to 2 decimal places.

Consider a market in which the demand curve is given by P= 1000-50, and the supply curve is given by P = 1.00. Suppose there is a positive supply shock and the supply curve shifts to the right, so that quantity supplied increases by 100 at each price, What is the new equilibrium price? Give your answer to 2 decimal places.

Microeconomics A Contemporary Intro

10th Edition

ISBN:9781285635101

Author:MCEACHERN

Publisher:MCEACHERN

Chapter4: Demand, Supply, And Markets

Section: Chapter Questions

Problem 8QFR

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