ECON 102 Lecture Notes - Lecture 12: Economic Equilibrium, Hot Chocolate, Acne Vulgaris
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A change in price of a related good a change in demand curve. A change in consumer expectations a change in demand curve change in quantity demanded a change in demand curve a change in demand curve. A change in supply is the shift of the supply curve meanwhile a change in quantity supplied refers to a movement along a fixed supply curve shifts supply curve. A change in producer expectations shifts supply curve. A change in the number of sellers change in quantity supplied shifts supply curve shifts supply curve: given the table below graph the demand and supply curves for flashlights. The equilibrium price is and the equilibrium quantity is 8,000: suppose the price is currently . There would be a surplus of 4,000 flashlights so we would expect the price to fall due to the surplus: suppose the price is currently . Graphically illustrate the impact each of the following would have on demand or supply.