Question: Draw (physically or on an online program) a S&D graph with the MC and DMU (WTP) curves demonstrating the equilibrium label the axes and

Draw (physically or on an online program) a S&D graph with the MC and DMU (WTP) curves demonstrating the equilibrium

 
  • label the axes and identify E, Qp and Qe
  • draw (physically or on an online program) an S&D graph with a price ceiling
    • identify Qp, Qe, Qs, Qd, and the ceiling price
    • label axes
    • include a title of the graph
  • draw (physically or on an online program) an S&D graph with a price floor
    • identify Qp, Qe, Qs, Qd, and the floor price
    • label axes
    • include a title of the graph
  • draw (physically or on an online program) an S&D graph where D=P=MR and price is fixed
    • label everything and title the graph "Competitive Market in the Long Run"
    • explain: what would cause Qe to change?
  • lastly, draw (physically or on an online program) an S & D graph and show consumer surplus and producer surplus
    • shade or color CS using a different pattern/color for PS
    • write "CS" in the shape for consumer surplus and write "PS" in the shape for producer surplus
    • label Qe and Pe, label axes, and title the graph "Total Surplus"


Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock

1 Supply and Demand Graph with Equilibrium Draw the axes with price on the vertical axis and quantity on the horizontal axis Draw the supply S curve u... View full answer

blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Economics Questions!