The table below shows the quantity of Premium Roasted Coffee Bags demanded and supplied per month in a regional market.
As a result of an increase in shipping and packaging costs, the supply of Premium Roasted Coffee Bags decreased by 60,000 bags at all prices.
Calculate the change in equilibrium price resulting from this increase in shipping and packaging costs.
| Price | Quantity demanded per month (000s) | Quantity supplied per month (000s) | New quantity supplied per month (000s) |
|---|---|---|---|
| £12 | 220 | 100 | |
| £15 | 190 | 130 | |
| £18 | 160 | 160 | |
| £21 | 130 | 190 | |
| £24 | 100 | 220 |
21 exam-style questions on Edexcel A A Level Economics 1.2.6 Price determination. Each one has a worked solution and a mark scheme showing where the marks go.