With the information in the picture identify the determinant(s) and explain the shift in market equilibrium. 09Twenty/20Consumers are paying a little bit more forjust about everything than they did a monthago, and significantly more than they did forthe same goods in 2020.The consumer price index, which measureschanges in how much Americans pay forcertain goods and services, rose 0.4% inSeptember, the Labor Department reportedWednesday, driven largely by increases infood, shelter and gasoline. Year-over-year,prices increased 5.4%, the largest jump sinceJanuary 1991.It's a continuation of an inflationary trendconsumers have experienced for nearly all of2021. Here's how much prices have increasedover the past year in key categories,according to the Labor Department:• Rental cars: 42.9%• Gas: 42.1%• Used cars: 24.4%• Hotels: 18%• TVs: 12.7%• Furniture: 11.2%

The demand curve shows the association between the amounts of commodity demanded by the consumer at…

Answered: With the information in the picture…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

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With the information in the picture identify the determinant(s) and explain the shift in market equilibrium.

09
Twenty/20
Consumers are paying a little bit more for
just about everything than they did a month
ago, and significantly more than they did for
the same goods in 2020.
The consumer price index, which measures
changes in how much Americans pay for
certain goods and services, rose 0.4% in
September, the Labor Department reported
Wednesday, driven largely by increases in
food, shelter and gasoline. Year-over-year,
prices increased 5.4%, the largest jump since
January 1991.
It's a continuation of an inflationary trend
consumers have experienced for nearly all of
2021. Here's how much prices have increased
over the past year in key categories,
according to the Labor Department:
• Rental cars: 42.9%
• Gas: 42.1%
• Used cars: 24.4%
• Hotels: 18%
• TVs: 12.7%
• Furniture: 11.2%

Definition Video Formula Definition Phenomenon in which market supply and demand balance each other. Market equilibrium is the economic state in which the market demand curve intersects the market supply curve, giving us the equilibrium price and equilibrium quantity for which a commodity can be sold and purchased in an economy. When market equilibrium is achieved, it suggests that all resources have been allocated efficiently and that there is just a distribution of income and resources in the economy. Video Formula

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