During Valentine€™s week, more people buy chocolates and chocolates offer their chocolates in special red boxes, which cost more to produce than the everyday box. Set out the three-step process of analysis and show on a graph the adjustment process to the new equilibrium. Describe the changes in the equilibrium price and the equilibrium quantity.

The table shows the demand and supply schedules for boxes of chocolates in an average week. Use this information.

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Quantity Quantity supplied Price (dollars per box) demanded (boxes per week) 1,600 1,500 1,400 1,300 1,200 1,100 1,200 1,300 1,400 1,500 1,600 1,700 13.00 14.00 15.00 16.00 17.00 18.00