1. Business
  2. Economics
  3. draw the graph of supply and demand labeling the axis...

Question: draw the graph of supply and demand labeling the axis...

Question details

Draw the graph of supply and demand, labeling the axis and curves. P Qd Qs .50 90 30 1.008050 1.50 70 2.00 60 2.50 50 110 70 90 At market equilibrium with Qs-Qd- Shortages- excess demand [Qd? Qs] Surpluses- excess supply [Qs> Qd If market price $2.00, Qd- exists. Qs-_. And a If market price - $1.00, Qd- Qs and a exists What forces will bring the market back to equilibrium? What can cause long term shortages or surpluses? Give an example of each. 0 2 Q1 Quantity Q1 Q2 Quantity Above are shifts in the demand curve and in the supply curve. What non-price determinants could shift the curves? Shift in demand due to Shift in supply due to How do these shifts in the supply and demand curve relate to issues surrounding a. The result is an in price and a in output. b. . The result is an in price and a in output. c. environmental quality?

Solution by an expert tutor
Blurred Solution
This question has been solved
Subscribe to see this solution