Activity 2Direction: Using the graph below as basis answer the following questions in thespace provided.Equilibrium for Bagels1.What is the equilibrium price4.50 -and quantity?4.00 -2.If price increases to 3, howmany bagels are demanded per month?3.50 -3.00At price 3, what is the situationof the economy for bagels industry?3.2.502.00-If the economy is experiencing ashortage in bagels what cansuppliers do to the price to bring itback to equilibrium?4.1.50 -1.00-0.50 -At price 1 and with quantitydemanded of 14 and quantity supplied of0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 2, what is the situation of the economy?5.0.00Quantity (thousands of dozens per month)Price per dozen bagelsD.

(Since you have a posted a question with multiple sub-parts, we will solve the first three sub parts…

Answered: Activity 2 Direction: Using the graph…

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter3: Demand And Supply

Section: Chapter Questions

Problem 53P: Table 3.8 shows information on the demand and supply for bicycles, where the quantities of bicycles...

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a. The recent statement given in October 2020 by French President undermined the sentiments of the Muslims all around the world. The Muslims of Pakistan decided to record their protest by boycotting French products. A recent survey shows that the shunning of French products has bought about 35 percent decrease in the sales within a month. Suppose, in September 2020, the market for Garnier hair color a French product was at equilibrium with an equilibrium price 1050 and equilibrium quantity of 12,000 in Pakistan. Analyze the impact of a boycott on the demand of Garnier hair color for the month of October 2020 in Pakistan and illustrate it graphically. Also, explain why or why not the demand has changed? b. Consider a market for Tea a normal good in Karachi. You are supposed to analyze and discuss the effect on the equilibrium output and the price in the Tea market in Karachi for the October, 2020 after the following changes (Other things held constant). In each case, explain your answer…

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