Changes in Market EquilibriumFor the questions that follow complete the steps below in order:1. Read the scenario2. Determine if the scenario represents a change in supply (TIGERS) or demand (TIRES)3. Draw a supply and demand graph labeling all axis and curves4. Draw the correct curve shifting and label that you determined in #2 above5. Draw an arrow showing price increasing or decreasing in the space providedYou can complete this on a separate sheet of paper or directly on the assignment and thenupload to the review market equilibrium dropbox. An example has been provided for you.Example:New technology is found that increases productivity in all pizzerias across the country. How willthis affect the market for pizza?This will affect the supply curve because it is technology. Technology is a determinant of supply.It will increase the supply of pizza and so the supply curve will shift to the rightPP1P25S201 02D0In this case from the first equilibrium point to the second price decreases and quantityincreases. I can see this because of the movement from Pl to P2 and 01 to 02 that I havedrawn. QUANTITY7. Many sellers of hospital masks have started to produce other products now that lesspeople are wearing them daily. How will this affect the market for hospital masks?PRICEQUANTITYB. The price of hot dogs has decreased in the last few days. How will this affect the marketfor hamburgers?PRICEQUANTITY

The demand curve represents the quantity demanded by consumers at different price levels.The supply…

7. Many sellers of hospital masks have started to produce other products now that less people are wearing them daily. How will this affect the market for hospital masks? PRICE QUANTITY 8. The price of hot dogs has decreased in the last few days. How will this affect the market for hamburgers? PRICE QUANTITY

7. Many sellers of hospital masks have started to produce other products now that less people are wearing them daily. How will this affect the market for hospital masks? PRICE QUANTITY 8. The price of hot dogs has decreased in the last few days. How will this affect the market for hamburgers? PRICE QUANTITY

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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