Anna Pastry has just recently competed in a well-known
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Anna Pastry has just recently competed in a well-known

Question 1

Anna Pastry has just recently competed in a well-known TV reality cooking show. During her time on the show she made her name for herself being the “Pastry Queen”. On leaving the show, Anna decided to rent a small shop in South Melbourne market and started selling her pies.

The weekly demand and supply schedules for her blueberry pies (in thousands) are given in the table below:


(a) Using EXCEL, plot the demand and supply curves.

(b) What are the equilibrium price and quantity traded?

(c) Assume that during the wintry months, there has been an increase in demand for Anna’s pies by 4 thousand pies. Draw the new demand curve.

(d) What are the new equilibrium price and quantity traded?

Hint
Economics In economics, the equilibrium price refers to the market price where the amount of goods supplied is equivalent to the amount of goods required. Simply, it is the point of intersection between supply and demand curves. The equilibrium price is essential to the producer to understand the relationship of supply and demand with current market prices....
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