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Effect on the equilibrium price and quantity

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Reference no: EM133082436

Show the effect on the equilibrium price and quantity in the market for cookies if the price of flour decreases. Determine which curve is affected by the change in the price of flour and whether it increases or decreases. On your graph, draw a new curve indicating the shift-either to the right or the left. Label the new equilibrium price and quantity as p2 and q2.

Reference no: EM133082436

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