Use the table below to answer the following questions.
Table 3.5.1
The Market for Car-Seat Heaters
-Refer to Table 3.5.1. Suppose the cost of production rises, causing supply to decrease by 100 units at each price. The new equilibrium price is $________ and equilibrium quantity is ________ units.
Definitions:
Diesel Engine
A type of internal combustion engine that operates using the diesel cycle, characterized by high fuel efficiency and use of diesel fuel.
Gasoline Engine
A gasoline engine is an internal combustion engine that uses gasoline as fuel to produce mechanical energy.
Expenditure
The action of spending funds or an amount of money spent on various types of expenses, including operating and capital expenses.
Property, Plant, Equipment
Long-term assets vital for the operation of a business, not intended for resale but used to generate revenue.
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