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Supply and demand for strawberry

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Problem: The following figure shows the supply and demand for strawberry. Answer the question that follows,

1537_Supply and demand of strawberries.png

a. Indicate the equilibrium price and equilibrium quantity?

b. Suppose sellers try to sell strawberries $4. How much of a shortage or a surplus of strawberries would result?

c. Now, suppose that the demand for strawberries falls by ten units at every price. Draw the new demand curve in the figure, and estimate what the new equilibrium, price and equilibrium quantity would be.

d. If sellers still try to sell strawberries at $4, would the shortage or the surplus increase or decrease?

Reference no: EM13846697

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