List three reasons that shift (move) the demand curve to the right or left. Show an...

Transcribed Image Text:

List three reasons that shift (move) the demand curve to the right or left. Show an example for each reason and determine the price and quantity increases/decreases in the equilibrium that will occur in the new situation in the market. (3 reasons, 3 examples, 3 graphs) Price ($) 0 2 4 6 8 10 Quantity wwwwwwww requested wwwww (unit) 50 40 30 20 10 0 Quantity supplied (unit) 0 15 30 45 60 75 The table above shows the above supply and demand quantities for a product. a. Draw the supply and demand curves. b. What is the equilibrium price and quantity in the market? C. Is there a shortage or surplus in the market when the price is $2? D. How much surplus is in the market when the price is $8? to. If the supply curve shifts to the right, will the price increase or decrease? List three reasons that shift (move) the demand curve to the right or left. Show an example for each reason and determine the price and quantity increases/decreases in the equilibrium that will occur in the new situation in the market. (3 reasons, 3 examples, 3 graphs) Price ($) 0 2 4 6 8 10 Quantity wwwwwwww requested wwwww (unit) 50 40 30 20 10 0 Quantity supplied (unit) 0 15 30 45 60 75 The table above shows the above supply and demand quantities for a product. a. Draw the supply and demand curves. b. What is the equilibrium price and quantity in the market? C. Is there a shortage or surplus in the market when the price is $2? D. How much surplus is in the market when the price is $8? to. If the supply curve shifts to the right, will the price increase or decrease?