The Following Table Shows the Market Demand and Supply for Gala

question 117

Essay

The following table shows the market demand and supply for Gala apples in Red Deer.
a)What is the equilibrium price and quantity traded?
b)Suppose that the supply increases by 80,what would be the new equilibrium price and quantity traded?
c)After the increase in supply,what would be the surplus/shortage at a price of $3?

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Definitions:

Gantt Load Chart

A Gantt Load Chart is a visual project management tool used to schedule and track the progress of tasks over time, often displaying the start and end dates of tasks in a project and how they overlap.

Loading Time

The time period required to prepare and load goods into transport vehicles or machinery, critical in logistics and manufacturing for determining overall efficiency and productivity.

Idle Time

The time during which resources, such as machinery or labor, are not being used for production, often due to lack of orders or maintenance.

Departments

Subdivisions within an organization, each specializing in a specific function or task, contributing to the overall objectives of the entity.