Use the line drawing tool to draw a demand curve shifting to the rightright. Label this...
Use the line drawing tool to draw a demand curve shifting to the
rightright.
Label this line
'D2'.
Carefully follow the instructions above, and only draw the required objects.
With this shift, equilibrium price will
▼
and equilibrium quantity will
▼
increase
decrease
.
Homework Answers
In the above figure , we see that initially the equilibrium occurs at point 'a' where demand equals supply. The equilibrium quantity at that point is 'Q' and equilibrium price is 'P'.
When we shift the demand curve towards right, the new demand curve is D2 which intersects the supply curve at point 'b'.
As we can see that with this shift,
The equilibrium price will increase and the new equilibrium price is P1.
The equilibrium quantity will also increase and the new equilibrium quantity is Q1.
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