ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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14. A supply and demand puzzle
The following graph presents the market for bikes in 2018. Between 2018 and 2019, the equilibrium quantity of bikes remained constant, but the
equilibrium price of bikes increased. Given this information, you can conclude that between 2018 and 2019, the supply of bikes
and the demand for bikes
Make changes to the graph to illustrate your answer by showing the positions of the supply and demand curves in 2019.
Note: Select and drag one or both of the curves to the desired position. Curves will snap into position, so if you try to move a curve and it snaps back
to its original position, just drag it a little farther.`
bike)
Supply
|
Demand
expand button
Transcribed Image Text:14. A supply and demand puzzle The following graph presents the market for bikes in 2018. Between 2018 and 2019, the equilibrium quantity of bikes remained constant, but the equilibrium price of bikes increased. Given this information, you can conclude that between 2018 and 2019, the supply of bikes and the demand for bikes Make changes to the graph to illustrate your answer by showing the positions of the supply and demand curves in 2019. Note: Select and drag one or both of the curves to the desired position. Curves will snap into position, so if you try to move a curve and it snaps back to its original position, just drag it a little farther.` bike) Supply | Demand
PRICE (Dollars per bike)
QUANTITY (Bikes)
Supply
Demand
Demand
0
Supply
G
expand button
Transcribed Image Text:PRICE (Dollars per bike) QUANTITY (Bikes) Supply Demand Demand 0 Supply G
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