4. (26 points) Suppose the demand and supply curve for Producer's 14% horse feed is given by the following table. The price of corn, a main ingredient in this horse feed doubles in price, which results in a changed supply curve to S2. Price Quantity Supplied (bags) S₁ S₂ Quantity Demanded (bags) D₁ D₂

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Chapter1: Making Economics Decisions
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I cant seem to remeber the formula to use to fill out S2 and D2

4. (26 points) Suppose the demand and supply curve for Producer's 14% horse feed is given
by the following table. The price of corn, a main ingredient in this horse feed doubles in
price, which results in a changed supply curve to S₂.
Price
$10
$12
$14
$16
$18
$20
Quantity Supplied (bags)
S₁
1000
1750
2500
3250
4000
4750
S₂
Quantity Demanded (bags)
D₁
3500
3000
2500
2000
1500
1000
D₂
Transcribed Image Text:4. (26 points) Suppose the demand and supply curve for Producer's 14% horse feed is given by the following table. The price of corn, a main ingredient in this horse feed doubles in price, which results in a changed supply curve to S₂. Price $10 $12 $14 $16 $18 $20 Quantity Supplied (bags) S₁ 1000 1750 2500 3250 4000 4750 S₂ Quantity Demanded (bags) D₁ 3500 3000 2500 2000 1500 1000 D₂
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