Chapter 5, Problem 10P

To determine

(a)

Refer to the given supply and demand graph

Determine the shift or shifts in supply or demand could move the equilibrium price and quantity to each of points A through I

To determine

(b)

Refer to the given supply and demand graph:

Determine the change in graph keeping E as the initial equilibrium point, if both the decrease in price of substitute in production and increase in income occurred, if it is a normal good

To determine

(c)

Refer to the given supply and demand graph:

Determine change keeping E as the equilibrium point, if both an increase in price of an input and advance technology occurred.

To determine

(d)

Refer to the given supply and demand graph:

Determine the point that would be quantity supplied and quantity demanded if the price floor is imposed above the equilibrium price also, show the new quantity exchanged.

To determine

(e)

Refer to the given supply and demand graph:

Determine the point tend to be the quantity supplied and quantity demanded if price ceiling is imposed below the equilibrium price, also state the new quantity exchanged.,