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Assume that the demand for Choco Candy Bites is price elastic.
a.Draw a demand curve for Choco Candy Bites.Label each axis and curve.
b.Use the relatively price elastic demand curve from (a)and draw the entire market graph for Choco Candy Bites.Label the equilibrium price P1 and the equilibrium quantity Q1.If the supply curve for Choco Bites shifts to the left,will there be a relatively large or small change in P and Q? Indicate this on your graph.Label the new equilibrium price P2 and the equilibrium quantity Q2.
c.Compare this change in P and Q to the changes that would result with a relatively price inelastic demand curve.
d.What impact does the price elasticity of demand have on the change in P and Q?
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