Suppose a snow storm causes the supply curve to shift

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1- Suppose the market for oranges initially has supply described by P=10+Q (with price measured in dollars per bag and quantity measured in millions of bags) and demand described by P=20 - Q. Suppose a snow storm causes the supply curve to shift to the left such that supply becomes P=15+Q. How much will price rise by?

2- (As above) Suppose the market for oranges initially has supply described by P=10+Q (with price measured in dollars per bag and quantity measured in millions of bags) and demand described by P=20 - Q. Suppose a snow storm causes the supply curve to shift to the left such that supply becomes P=15+Q. How much will quantity decrease by?

Reference no: EM13733297

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