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Bushels of Apples: The Following Schedules Are For Bushels of Apples in A Local Market. Graph The

This document contains an economic activity completed by Jeramiah C. Roble. It includes graphs of the supply and demand curves for apples before and after a decrease in the apple harvest. The original equilibrium price was $16 for 600 bushels. After the harvest decrease, the new equilibrium price is $18 for 400 bushels, showing that the supply decreased and the price increased while quantity decreased. It also shares an economics joke found online.

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Marife Romero
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0% found this document useful (0 votes)
163 views3 pages

Bushels of Apples: The Following Schedules Are For Bushels of Apples in A Local Market. Graph The

This document contains an economic activity completed by Jeramiah C. Roble. It includes graphs of the supply and demand curves for apples before and after a decrease in the apple harvest. The original equilibrium price was $16 for 600 bushels. After the harvest decrease, the new equilibrium price is $18 for 400 bushels, showing that the supply decreased and the price increased while quantity decreased. It also shares an economics joke found online.

Uploaded by

Marife Romero
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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ECONOMIC DEVELOPMENT

Activity
Jeramiah C. Roble

 The following schedules are for bushels of apples in a local market. Graph the
supply and demand curves. What are the equilibrium price and quantity?

Bushels of Apples
20
19
18
17
16
15
14
13
12
11
10
200 400 600 800 1000

Quantity Demanded Equilibrium

Equilibrium Price = 16
Equilibrium Quantity = 600
ECONOMIC DEVELOPMENT
Activity
Jeramiah C. Roble

Now assume that an early freeze has decreased the apple harvest, and a new
supply schedule is as follows. Has a supply increased or decreased? What are the
new equilibrium price and quantity?

Bushels of Apples
20
19
18
17
16
15
14
13
12
11
10
200 400 600 800 1000

Quantity Demanded Equilibrium

Equilibrium Price = 18
Equilibrium Quantity = 400

 Go to the web site at http://netec.mcc.ac.uk/JokEc, find a good economics joke, and


share it with your teacher!
“Economists are armed and dangerous: Watch out for our invisible hand”
ECONOMIC DEVELOPMENT
Activity
Jeramiah C. Roble

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