-The above table gives the demand and supply schedules for cat food. If the supply increases by 20 tons at every price, what is the new equilibrium price and quantity?
Definitions:
Estimating Price Elasticity
The process of calculating how sensitive the quantity demanded of a good is to a change in its price.
Price Elasticity
A quantification of demand fluctuation for a product based on its price alteration.
Demand
The amount of a product or service that buyers are ready and able to buy at different price points over a specified duration.
Quantity Demanded
The total amount of a good or service that consumers are willing and able to buy at a given price within a specified period.
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