The following data represents five points on the supply curve and five points on the demand curve for orange juice (price is price per gallon and quantity is in millions of gallons)      Price           QS       QD                       $1            100      700           2            300      600           3            500      500           4            700      400           5            900      300 Suppose that the demand for orange juice were to decrease so that people want to buy 300 million fewer gallons at each price

The following data represents five points on the supply curve and five points on the demand curve for orange juice (price is price per gallon and quantity is in millions of gallons)

     Price           QS       QD              

        $1            100      700

          2            300      600

          3            500      500

          4            700      400

          5            900      300

Suppose that the demand for orange juice were to decrease so that people want to buy 300 million fewer gallons at each price.  Derive the new demand schedule. Explain what will happen to the equilibrium price and quantity of orange juice.