The following graph shows a market supply curve in orange and a market demand curve in...
The following graph shows a market supply curve in orange and a market demand curve in blue.
Suppose there is an increase in demand and an increase in supply.
Adjust the following graph to reflect the new market conditions. Then, answer the questions that follow.
As you can see by the changes on the graph in this case, the magnitude of the shift in the supply curve is _______ in the demand curve.
Use the following table to indicate the changes in equilibrium price and quantity that result from the shifts in supply and demand on the previous graph,
Homework Answers
The magnitude of the shift in the supply curve is the same as the magnitude of the shift in the demand curve. The shifts in the curves are in the same proportion.
No change in equilibrium price.
Increase in equilibrium quantity.
Note: If the increase in supply and demand is not in equal proportion then equilibrium price and equilibrium quantity changes are different.
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