Answer :
Consider the market for portable air conditioners in equilibrium. A summer of unseasonably cool weather would cause both the equilibrium price and quantity to decrease. A market-clearing price, often referred to as an equilibrium price, is the consumer cost associated with a good or service when supply and demand are equal or nearly equal.
The manufacturer or vendor is free to transfer as many units as they like, and the consumer is free to access as many units as they like. By setting the supply function to equal the demand function, Qs = Qd, you may determine the equilibrium price.
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Final answer:
The equilibrium price and quantity of portable air conditioners would fall due to unseasonably cool weather.
Explanation:
Consider the market for portable air conditioners in equilibrium. A summer of unseasonably cool weather would cause:
If there is unseasonably cool weather, the demand for portable air conditioners would decrease because people would not feel the need to purchase them.
This decrease in demand would lead to a surplus of portable air conditioners in the market, causing prices to drop as sellers try to attract buyers.
Overall, both the equilibrium price and quantity of portable air conditioners in the market would fall due to the unseasonably cool weather.
