ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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#47
An increase in demand and an increase in supply will: Multiple Choice increase price and increase the equilibrium quantity. affect price in an indeterminate way and increase the equilibrium quantity. affect price in an indeterminate way and decrease the equilibrium quantity. decrease price and increase the equilibrium quantity. have no change on price and equilibrium quantity
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Transcribed Image Text:An increase in demand and an increase in supply will: Multiple Choice increase price and increase the equilibrium quantity. affect price in an indeterminate way and increase the equilibrium quantity. affect price in an indeterminate way and decrease the equilibrium quantity. decrease price and increase the equilibrium quantity. have no change on price and equilibrium quantity
Expert Solution
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Step 1: Define shift in demand

The demand curve is the downward-sloping curve. 

The supply curve is the upward-sloping curve. 

The equilibrium is where the demand curve intersects the supply curve. 

When there is an increase in demand, the demand curve shifts to the right. 

When there is a decrease in demand, the demand curve shifts to the left. 

When there is an increase in supply, the supply curve shifts to the right. 

When there is a decrease in supply, the supply curve shifts to the left.

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