Suppose that in the production of croissants, a cost-saving technology is incorporated, resulting in a decrease in production costs. The new supply function is: Q=3p+900. S Suppose the demand function for croissants remains unchanged: Q=1,200-3p New equilibrium price and quantity are: a. p= 100, Q=1,000 b. p=1,000, Q=100 C. p=50, Q=1,050 d. p=900, Q=100 d

Suppose that in the production of croissants, a cost-saving technology is incorporated, resulting in a decrease in production costs. The new supply function is: Q=3p+900. S Suppose the demand function for croissants remains unchanged: Q=1,200-3p New equilibrium price and quantity are: a. p= 100, Q=1,000 b. p=1,000, Q=100 C. p=50, Q=1,050 d. p=900, Q=100 d

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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