The table below shows the demand and supply schedules for boxes of chocolates

QUESTION

In case you have any questions do not hesitate to contact me.The table below shows the demand and supply schedules for boxes of chocolates in an averageweek.a- Draw a figure showing the demand curve and the supply for boxes of chocolates. What is themarket equilibrium price and the market equilibrium quantity?b. If the price of chocolates is $17.00 a box, will there be a surplus or a shortage? Of how manyunits? Explain how the market can adjust?c- Suppose that for the New Year the price of chocolates box decrease. The new price is $14.00 abox. Will there be a surplus or shortage? Of how many units? Explain how the market canadjust?d- During Valentine’s week, more people buy chocolates and chocolatiers offer their chocolatesin special red boxes, which cost more to produce than the everyday box. By using the previousgraph, show on the adjustment process to the new equilibrium. Then, describe the changes in theequilibrium price and the equilibrium quantity

ANSWER:

REQUEST HELP FROM A TUTOR