Price Quantity demanded Quantity supplied 3 150 60 4 100 100 5 70 130 6 50 150   please answer questions below: If the price of chocolate is $5, describe the situation in the market and explain how the price adjust. Chocolate sellers know that Valentine’s Day is next weekend, and they expect the price to be higher, so they withhold 60 chocolates from the market this weekend. What will be the price this weekend?

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question

Price

Quantity demanded

Quantity supplied

3

150

60

4

100

100

5

70

130

6

50

150

 

please answer questions below:

  • If the price of chocolate is $5, describe the situation in the market and explain how the price adjust.
  • Chocolate sellers know that Valentine’s Day is next weekend, and they expect the price to be higher, so they withhold 60 chocolates from the market this weekend. What will be the price this weekend? 
Supply
E
Demand
Quantity demanded/supplied
100
Price
Transcribed Image Text:Supply E Demand Quantity demanded/supplied 100 Price
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