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Solved in 3 steps
- Whats the market equilibrium price and the graph?What is the effect if price of x is increased? draw graphIf we have money, we buy goods and services to satisfy our needs. In economics, thesatisfaction that we get from the consumption of goods and services is called utility. Usea utility graph to explain what happen to the utility when you keep on increasing thenumber of units consumed. Also explain what happens to the utility when you keep onincreasing the number of units consumed. Also explain what happens to the additionalutility (i.e. additional satisfaction) when you increase your consumption by one unit
- “A household’s decision about what quantity of a particular output, or product to demand depends on a number of factors.” Discuss the major factors affecting the demand. write in your own word as much as you canWhat is market equilibrium? Explain with the help of diagram.How does the demand curve look like? Graph it.
- Explain the simultaneous change in demand and supply with the help of graph?Briefly outline and explain some of factors that depend on line amount of a commodity a consumer os prepared to buyThe following graph shows the market for cakes in San Francisco, where there are over 1,000 bakeries at any given moment. Suppose the number of bakeries increases significantly. tudy Tools Show the effect of this change on the market for cakes by shifting one or both of the curves on the following graph, holding all else constant. ns 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 curve and it snaps back ess Tips to its original position, just drag it a little farther. ess Tips (?) R YOU Supply Demand ning Supply back Demand QUANTITY (Cakes) MacBook Air PRICE (Dollars per cake)