Exhibit 4-1
The following are the equations for the supply and demand curves in the market for weezils:
$\begin{array}{lccc} \text { Demand } & Q_{d}=20-2 F \\ \text { Supply:} & \mathrm{Q}_{s}=5+3 \mathrm{P} \end{array}$

where Q_d is the quantity demanded, Q_s is the quantity supplied, and P is the price per weezil in dollars.
-Refer to Exhibit 4-1.If consumers decide that they want 20 percent fewer weezils at every price,the equation for the new demand curve for weezils will be

Question

Exhibit 4-1
The following are the equations for the supply and demand curves in the market for weezils:

\begin{array}{lccc} \text { Demand } & Q_{d}=20-2 F \\ \text { Supply:} & \mathrm{Q}_{s}=5+3 \mathrm{P} \end{array}

where Q_d is the quantity demanded, Q_s is the quantity supplied, and P is the price per weezil in dollars.
-Refer to Exhibit 4-1.If consumers decide that they want 20 percent fewer weezils at every price,the equation for the new demand curve for weezils will be

Quizplus · Accepted Answer

To find the new demand curve we need to decrease the quantity demanded by 20%, which means multiplying the original demand equation by 0.8 (1-0.2=0.8). Therefore, the new demand equation will be:
Qd = 0.8(20-2F) = 16-1.6F
Substituting this equation into the market equilibrium condition (Qd=Qs) we get:
16-1.6F = 5+3P
3P = 11+1.6F
P = 3.67+0.53F
Which is the equation of the new equilibrium price-taking into account the decreased demand for weezils.

Exhibit 4-1 the Following Are the Equations for the Supply Demand Qd=20−2F Supply:Qs=5+3P\begin{array}{lccc} \text { Demand } & Q_{d}=20-2 F \\ \text { Supply:} & \mathrm{Q}_{s}=5+3 \mathrm{P} \end{array} Demand Supply:​Qd​=20−2FQs​=5+3P​

Exhibit 4-1
the Following Are the Equations for the Supply $\begin{array}{lccc} \text { Demand } & Q_{d}=20-2 F \\ \text { Supply:} & \mathrm{Q}_{s}=5+3 \mathrm{P} \end{array}$