13. How shifts in demand and supply affect equilibrium Consider the market for pens. Suppose that new medical concerns regarding graphite absorption have put pressure on schools to reduce pencil use favor of pens. Further, the price of ink, a major input in the pen production process, has increased sharply. On the following graph, labeled Scenario 1, indicate the effect these two events have on the demand for and supply of pens. Note: Select and drag one or both of the curves to the desired position. Curves will snap into position, so if you try to move a curve and it snaps ba to its original position, just drag it a little farther. PRICE(Dollars per pen) 10 9 8 10 1 0 01 2 Scenario 1 Supply Demand 5 6 7 QUANTITY (Millions of pens) 10 Demand -- Supply

13. How shifts in demand and supply affect equilibrium Consider the market for pens. Suppose that new medical concerns regarding graphite absorption have put pressure on schools to reduce pencil use favor of pens. Further, the price of ink, a major input in the pen production process, has increased sharply. On the following graph, labeled Scenario 1, indicate the effect these two events have on the demand for and supply of pens. Note: Select and drag one or both of the curves to the desired position. Curves will snap into position, so if you try to move a curve and it snaps ba to its original position, just drag it a little farther. PRICE(Dollars per pen) 10 9 8 10 1 0 01 2 Scenario 1 Supply Demand 5 6 7 QUANTITY (Millions of pens) 10 Demand -- Supply

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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