In Problem 11, a fire destroys some factories that produce gum and the quantity of gum supplied
Question:
a. Explain what happens in the market for gum and draw a graph to illustrate the changes.
b. If at the time the fire occurs there is an increase in the teenage population, which increases the quantity of gum demanded by 40 million packs a week at each price, what are the new equilibrium price and quantity of gum? Illustrate these changes on your graph.
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a As the number of gumproducing factories decreases the supply of gum decreases There is a new suppl...View the full answer
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