The following table depicts the weekly demand and supply of office visits at a local children's clinic staffed by four physicians.
|
Price per visit
|
Quantity demanded
|
Quantity supplied
|
|
$20
|
300
|
150
|
|
25
|
275
|
175
|
|
30
|
250
|
200
|
|
35
|
225
|
225
|
|
40
|
200
|
250
|
|
45
|
175
|
275
|
|
50
|
150
|
300
|
If one of the physicians moves to another city, reducing quantity supplied by 25 percent, what are the price and quantity at the new equilibrium?