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Additional information on expected supply

Assignment Help Business Economics
Reference no: EM133080148

Problem:

Price (P):

$25

$20

$15

$10

$5

Quantity Demanded (QD):

300

600

900

1200

1500

Quantity Supplied 2019 (QS'19):

1500

1200

900

600

300

Quantity Supplied 2020 (QS'20):

800

600

400

200

0

(a) Based on the additional information on expected supply in 2020, use Excel to set up a diagram which shows how the price and quantity of the Christmas trees is likely to change from December 2019 to December 2020.

(b) In the context of your diagram in part b, carefully explains why the price must change. In other words, explain exactly what forces and/or incentives would drive this price change.

Reference no: EM133080148

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