For the following, please draw a figure as part of your answer. a. Thinking of a demand
Question:
For the following, please draw a figure as part of your answer.
a. Thinking of a demand curve, what are some things that can cause it to move (i.e. generate a change in demand)? Draw an example and explain what caused the shift in the curve.
b. Thinking of a supply curve, what are some things that can cause it to move (i.e. generate a change in supply)? Draw an example and explain what caused the shift in the curve.
c. If we have a market at equilibrium that experiences shifts in both the demand and supply curve, how do we find the new equilibrium?
d. Often during natural disasters, gasoline prices increase substantially in the impacted area. Draw a supply and demand curve to explain why this may occur.
Accounting Texts and Cases
ISBN: 978-1259097126
13th edition
Authors: Robert Anthony, David Hawkins, Kenneth Merchant