Question 26)

Price Quantity Quantity (dollars per supplied demanded pound) (pounds) (pounds) 3 1 7 4 2 5 5 4 4 6 5 2 7 6 26) The above table shows the demand schedule and supply schedule for chocolate chip cookies. An increase in income results in an increase in the demand for chocolate cookies by an amount of 3 pounds at every price. What are the new equilibrium quantity and equilibrium price? A) 5 pounds, $5.00 per pound B) 4 pounds, $5.00 per pound C) 5 pounds, $4.00 per pound D) 5 pounds, $6.00 per pound