For all questions complete this part first. Draw a demand and supply graph. Be s

Question

For all questions complete this part first. Draw a demand and supply graph. Be sure to label the vertical Y axes as price and the horizontal X axes as quantity. Draw your demand and supply curves and label them D1 and S1 accordingly. Then indicate the equilibrium point on the graph and label it E1 draw a dashed line from the equilibrium point over to the price axes and label the point P1 draw another dashed line to the quantity axes and label it Q1.

For all eight graphs, you are to state which if any of the curves shifted either demand or supply or both you are to state in which direction they shifted either out to the right or in to the left. You are also to state what happened to both equilibrium price and quantity. That is did equilibrium price increase or decrease or was it indeterminate? Did equilibrium quantity increase or decrease or was it indeterminist?

Explanation / Answer

Tutorial: supply/demand chart
http://www.tushar-mehta.com/excel/charts%u2026

or
http://csob.berry.edu/faculty/economics/%u2026

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