Derive for me a hypothetical Demand and Supply schedule. Graph the relationship showing equilibrium price and...
Derive for me a hypothetical Demand and Supply schedule. Graph the relationship showing equilibrium price and quantity. Shift the demand curve and show the new equilibrium's. Shift the supply curve and do likewise.
Can someone explain to me how to do this? Chapter wasn't clear
Homework Answers
Case when supply curve shifts left: When supply curve shifts to left from AS to AS1 while demand curve remains the same. Price rises from P to P1 while output falls from Y to Y1. Equilibrium shifts from point E to E1.
Case when supply curve shifts right: When supply curve shifts to right from S to S1 while demand curve remains the same. Price falls from P to P1 while output rises from Y to Y1. Equilibrium shifts from point A to B.
Case
when demand curve shifts right: When demand curve shifts
to its right from AD to AD1 while supply curve remains the same,
price rises from P to P1 while output rises from Y to Y1.
Equilibrium shifts from point A to B.
Case when demand curve shifts left: When demand curve shifts to its left from AD to AD1 while supply curve remains the same, price falls from P to P1 while output falls from Y to Y1. Equilibrium shifts from point A to B.
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Derive for me a hypothetical Demand and Supply schedule. Graph
the relationship showing equilibrium price and...
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