Question

LED Synd der dagen ars per P Quay Chart per Week Based on the graph above, calculate the demand and supply curves. Price Quantity demanded Quantity supplied 5.00 10.00 15.00 1. At what price will the market be in equilibrium? 2. At what price will the market have a surplus? 3- At $15 will there be a shortage or surplus?........ 4- How large?................ 5. What should the market do to correct the situation?...... 6. Calculate and graph the new demand curve if quantity demanded has increased by 600 units at each price 7. What are the new equilibrium price and quantity 8- Calculate and graph the new supply curve if the quantity supplied decreases by 1200 units at each price.. 9. What will be the new equilibrium? Price ....................Quantity....................? Hith the new D+S

Hi, I need help solving problems 6-9

Answer 1

(6)

Demand curve shifts rightward by 600 units at every price, to D1.

DNB 3.8 SUDOY and CMA CURV degre 20.00 51 1 15.00 arsged Cha) TIL 10.00 TTTT Pace D DO 4.000 2.000 3.000 Quanty Cars per W 5.000

(7)

In new equilibrium (intersection of D1 and Supply), Price = $11 and quantity = 2,400.

(8)

Supply curve shifts leftward by 1,200 units at every price, to S1.

(9)

In new equilibrium (intersection of D1 and S1), Price = $13 and quantity = 2,000.