Questions: Price ( per bottle) 4.00 3.00 2.50 2.00 1.00 Quantity of bottles (millions) increases by 0.50 increases by 1.00 decreases by 1.00 decreases by 0.50 As a result of it, as shown above, the price that buyers pay Demand Old supply New supply

Price ( per bottle) 4.00 3.00 2.50 2.00 1.00 Quantity of bottles (millions) increases by 0.50 increases by 1.00 decreases by 1.00 decreases by 0.50 As a result of it, as shown above, the price that buyers pay Demand Old supply New supply
Transcript text: Price ($ per bottle) $4.00 $3.00 $2.50 $2.00 $1.00 Quantity of bottles (millions) increases by 0.50 increases by 1.00 decreases by 1.00 decreases by 0.50 As a result of it, as shown above, the price that buyers pay Demand Old supply New supply
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Solution

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Solution Steps

Step 1: Find the initial equilibrium price

The initial equilibrium price is where the demand curve and the old supply curve intersect. This occurs at a price of $2.00.

Step 2: Find the new equilibrium price

The new equilibrium price is where the demand curve and the new supply curve intersect. This occurs at a price of $2.50.

Step 3: Calculate the price change

The price buyers pay increased from $2.00 to $2.50. This is an increase of $0.50.

Final Answer: The price that buyers pay increases by $0.50.

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