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Demand and supply in the market for cheddar cheese is illustrated in Table Graph the data and find the equilibrium

Demand and supply in the market for cheddar cheese is illustrated in Table 3.9. Graph the data and find the equilibrium. Next, create a table showing the change in quantity demanded or quantity supplied, and a graph of the new equilibrium, in each of the following situations:

a. The price of milk, a key input for cheese production, rises, so that the supply decreases by 80 pounds at every price.

b. A new study says that eating cheese is good for your health, so that demand increases by 20% at every price.

Price per Pound

Qd

Qs

$3.00

750

540

$3.20

700

600

$3.40

650

650

$3.60

620

700

$3.80

600

720

$4.00

590

730

Apr 29 2020 View more View Less

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