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Identify the new equilibrium price and quantity

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Reference no: EM133128733

If the company decides to add new product lines to their range of oatcakes, they will increase the supply at each possible market price by 2,000 boxes of oatcakes per year.

-Draw and label the new supply curve on the diagram that you have constructed in question 3.

-Explain how market forces would act to return the market to a state of equilibrium at the new equilibrium position.

-Identify the new equilibrium price and quantity.

Reference no: EM133128733

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