The following graph shows the market for laptops in 2010. Between 2010 and 2011, the equilibrium price of laptops remained constant, but theequilibrium quantity of laptops decreased. From this, you can conclude that between 2010 and 2011, the supply of laptopsandthe demand for laptopsAdjust the graph to illustrate your answer by showing the positions of the supply and demand curves in 2011.A-7Note: 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 backto its original position, just drag it a little farther.(?SupplyDemandSupplyDemandQUANTITY (Laptops)MacBook AirPRICE (Dollars per laptop)

Answered: The following graph shows the market…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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The following graph shows the market for laptops in 2010. Between 2010 and 2011, the equilibrium price of laptops remained constant, but the
equilibrium quantity of laptops decreased. From this, you can conclude that between 2010 and 2011, the supply of laptops
and
the demand for laptops
Adjust the graph to illustrate your answer by showing the positions of the supply and demand curves in 2011.
A-7
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.
(?
Supply
Demand
Supply
Demand
QUANTITY (Laptops)
MacBook Air
PRICE (Dollars per laptop)

Expert Solution

Step 1

In economics, equilibrium refers to the situation in which the quantity demanded is equal to the quantity supplied for a commodity or service, that is, the amount of goods which the consumers want to consume is exactly equal to the amount of goods which the sellers want to sell in the market. At this point the price which is determined is known as the equilibrium price and the quantity exchanged is known as equilibrium quantity. In a free market this point is determined by the free forces of demand and supply.

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