2. Illustrate the demand and supply curves for lemonades and show what happens to the equilibrium price and quantity in the market in the following situations. a. The price of fresh fruit juice increases. b. The price of sugar decreases.

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Chapter5: Elastic And Its Application
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2.
Illustrate the demand and supply curves for lemonades and show what happens to the equilibrium
price and quantity in the market in the following situations.
a. The price of fresh fruit juice increases.
b. The price of sugar decreases.
Transcribed Image Text:2. Illustrate the demand and supply curves for lemonades and show what happens to the equilibrium price and quantity in the market in the following situations. a. The price of fresh fruit juice increases. b. The price of sugar decreases.
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