ECON 1101 Lecture Notes - Lecture 2: Economic Equilibrium
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12 Feb 2018
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The demand and supply of a particular performance-enhancing drug are: D2: qd = 250 0. 7p diagram: find the equilibrium price and quantity p1, q1 and draw the corresponding, due to a higher probability of detection the demand drops to. Find the new equilibrium price and quantity p2, q2 and show the change on the graph: assume that instead of part (b), the increased competition in this market increases the supply of this drug to. Find the new equilibrium price and quantity p3, q3 and show the change on the graph: now assume that both changes from part (b) and (c) happen at the same time.
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