Question

Table 3.9 illustrates the market's demand and supply for cheddar cheese. Graph the data and find the equilibrium. Next, create a table showing the change in quantity demanded or quantity supplied, and a graph of the new equilibrium, in each of the following situations: a. The price of milk, a key input for cheese production, rises, so that the supply decreases by 80 pounds at every price. b. A new study says that eating cheese is good for your health, so that demand increases by $20 \%$ at every price. $$\begin{array}{|l|l|l|}\hline {\text { Price per Pound }} & {\text { Qd }} & {\text { Qs }} \\\hline \$ 3.00 & 750 & 540 \\\hline \$ 3.20 & 700 & 600 \\\hline \$ 3.40 & 650 & 650 \\\hline \$ 3.60 & 620 & 700 \\\hline \$ 3.80 & 600 & 720 \\\hline \$ 4.00 & 590 & 730 \\\hline \end{array}$$

          Table 3.9 illustrates the market's demand and supply for cheddar cheese. Graph the data and find the equilibrium. Next, create a table showing the change in quantity demanded or quantity supplied, and a graph of the new equilibrium, in each of the following situations: 
a. The price of milk, a key input for cheese production, rises, so that the supply decreases by 80 pounds at every price.
b. A new study says that eating cheese is good for your health, so that demand increases by $20 \%$ at every price.
$$\begin{array}{|l|l|l|}\hline  {\text { Price per Pound }} & {\text { Qd }} & {\text { Qs }} \\\hline \$ 3.00 & 750 & 540 \\\hline \$ 3.20 & 700 & 600 \\\hline \$ 3.40 & 650 & 650 \\\hline \$ 3.60 & 620 & 700 \\\hline \$ 3.80 & 600 & 720 \\\hline \$ 4.00 & 590 & 730 \\\hline
\end{array}$$

Added by Susan D.

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