Changes in price & quantity
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Intros
Lessons
- Changes in Price & Quantity Overview:
- Changes in Demand
- Case 1: Increase in Demand
- Case 2: Decrease in Demand
- Changes in Supply
- Case 1: Increase in Supply
- Case 2: Decrease in Supply
- Changes in Both Demand and Supply
- Case 1: Increase in Demand and Supply
- Case 2: Decrease in Demand and Supply
- Case 3: Increase in Demand, Decrease in Supply
- Case 4: Decrease in Demand, Increase in Supply
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Examples
Lessons
- Understanding Changes in Demand
You know that ice cream will be expensive in the future. Explain what happens to the demand curve, and what happens to the equilibrium price and quantity. - Suppose there is a demand for an inferior good, and recently your income has increased. Explain what happens to the demand curve, and what happens to the equilibrium price and quantity.
- Understanding Changes in Supply
Technology has been developed such that it cuts production costs to monitors. Explain what happens to the supply curve, and what happens to the equilibrium price and quantity. - A natural disaster has happened, and the production of water bottles has been slowed. Explain what happens to the supply curve, and what happens to the equilibrium price and quantity.
- Understanding Changes in Both Demand and Supply
Suppose a recent pollution has damaged most of you water in town. In addition, the summer season causes consumers to buy more water. The change in the water needed by consumers is more than the amount of water damaged. Explain what happens to both the demand and supply curve, and what happens to the equilibrium price and quantity. - The demand for chocolate is P = 30 - , and the supply for ice cream is = 10 + 2P