Use the graph below to complete the follow parts (a) and (b). PRICE Supply Demand QUANTITY...

 

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Use the graph below to complete the follow parts (a) and (b). PRICE Supply Demand QUANTITY OF LAND FOR RESIDENTIAL DEVELOPMENT (ACRES) (a) If there were a slowing down of the economy and a decrease in disposable income in most households, what would be the effect on the above graph? Redraw the graph and show this change on the new graph. Label the new equilibrium price and quantity as P and Q. (b) Now the economy has corrected and moved the economy to the original supply and demand lines from the beginning. There is now an increase in population in the area. Show this shift on the graph you drew on part (a) and label that shift as P2 and Q2. Use the graph below to complete the follow parts (a) and (b). PRICE Supply Demand QUANTITY OF LAND FOR RESIDENTIAL DEVELOPMENT (ACRES) (a) If there were a slowing down of the economy and a decrease in disposable income in most households, what would be the effect on the above graph? Redraw the graph and show this change on the new graph. Label the new equilibrium price and quantity as P and Q. (b) Now the economy has corrected and moved the economy to the original supply and demand lines from the beginning. There is now an increase in population in the area. Show this shift on the graph you drew on part (a) and label that shift as P2 and Q2.

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