PART I - Chapter 1

Using the new price of $2.19 in the supply curve, the new equilibrium quantity is Q* = (6 + 9(2.19) = 13.71 million metric tons (mmt) per year, an increase of 1.71 mmt per year. Except for rounding, you get the same result by plugging the new price of $2.19 into the new demand curve. ................
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