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September 2, 2015

Homework Help: Equilibrium Price

Posted by Anonymous on Saturday, September 16, 2006 at 3:44pm.

Suppose now that the invention of a better mechanical lettuce picker reduces costs. Producers are now willing to supply and quantity of lettuce for $9 less per crate than previously. What will happen to the equilibrium price of lettuce? Will it fall by th efull $9 amount? Explain why or why not by drawing in new suppply and/or demand curve(s) as needed. Label the new curve or curves and the new equilibrium with a subscript 2.


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