Question - Consider the following supply and demand table for dark chocolate.
|
Price per bar:
|
Quantity supplied
|
Quantity demanded
|
|
$0.50
|
10
|
75
|
|
$1.00
|
20
|
55
|
|
$2.00
|
35
|
35
|
|
$3.00
|
50
|
25
|
|
$5.00
|
60
|
10
|
Use this information to answer the following questions. Explain your answer clearly, and fully.
(a) Draw the supply and demand curves in a clearly labelled diagram.
(b) What is this market's equilibrium price and quantity?