Hi could I please get all the answers thank you 1. What is the difference between a "change in demand" and a change in "quantitydemanded."2. What is the difference between a "change in supply" and a change in "quantitysupplied."3. What is the meaning of Resource Market?4. The following problems are based on the demand and supply schedule for gumlisted below. All quantities are in millions of packs of gum per month.|Quantity Demanded180Price|Quantity Supplied$0.2030$03016060$0.4014090$0.50120120$0.60100140$0.7080160$0.8060180a) Suppose that the quantity demanded rises by 40 million packs of gum per month at eachprice.b) Draw the initial demand and supply curves as given by the table above. Call this graphGraph 1. Label this demand curve D1, and this supply curve S1. Draw the new demandcurve given by this change, labeling it D2. Show the new equilibrium price and output,labeling this point A.c) Suppose that the quantity supplied rises by 50 million packs per month at each price, whilethe quantities demanded retain their D1 values. On a new graph (labeled as Graph 2),draw D1, S1, and the new supply curve, S2. Show the new equilibrium output and price,labeling this point C.

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Economics

1. What is the difference between a "change in demand" and a change in "quantity demanded."

Economics Today and Tomorrow, Student Edition

1st Edition

ISBN:9780078747663

Author:McGraw-Hill

Publisher:McGraw-Hill

Chapter7: Demand And Supply

Section7.2: The Demand Curve And Elasticity Of Demand

Problem 5R

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