How will the equilibrium price and quantity change

Reference no: EM133247472

Assignment - Sketch and Supply Demand Questions

Description - Sketch a diagram to illustrate the competitive market for bread. Draw the supply curve and the demand curve in the same graph and show the equilibrium where 5,000 loaves are sold at a price of $2.00.

Labelling axis appropriately

Labelling curves appropriately

Showing equilibrium

Explaining answer in a couple of sentences

How will the equilibrium price and quantity change if suppliers find a better technology to produce bread? Draw a graph to show the changes and explain your answer.

Changes in curves - Explaining how the current equilibrium compare to the previous equilibrium.

Reference no: EM133247472

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