Demand and Supply Questions different
The following diagram shows the market for Queensland prawns.
(a) State the initial equilibrium price and quantity for Queensland prawns.
Equilibrium price:
Equilibrium quantity:
(b) What is the new equilibrium price and quantity for Queensland prawns?
Equilibrium price:
Equilibrium quantity:
(c) Redraw the graph as if there was a decrease in demand for Queensland prawns.
Underneath provide 2 explanations as to why this could have occurred.
___________________________________
___________________________________
___________________________________
___________________________________
___________________________________
___________________________________
___________________________________
___________________________________
___________________________________
___________________________________
___________________________________
__________________________________