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
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Chapter1: Making Economics Decisions
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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
Transcribed Image Text: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
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