Please make it as clear as possible 14. A supply and demand puzzleThe following graph shows the market for cars in 2008. Between 2008 and 2009, the equilibrium quantity of cars remained constant, but theequilibrium price of cars increased. From this, you can conclude that between 2008 and 2009, the supply of carsincreasedV and thedemand for carsincreasedAdjust the graph to illustrate your answer by showing the positions of the supply and demand curves in 2009.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 backto its original position, just drag it a little farther.SupplyDemandSupplyDemandQUANTITY (Cars)PRICE (Dollars per car)

Answered: 14. A supply and demand puzzle The…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Please make it as clear as possible

14. A supply and demand puzzle
The following graph shows the market for cars in 2008. Between 2008 and 2009, the equilibrium quantity of cars remained constant, but the
equilibrium price of cars increased. From this, you can conclude that between 2008 and 2009, the supply of cars
increased
V and the
demand for cars
increased
Adjust the graph to illustrate your answer by showing the positions of the supply and demand curves in 2009.
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 back
to its original position, just drag it a little farther.
Supply
Demand
Supply
Demand
QUANTITY (Cars)
PRICE (Dollars per car)

Expert Solution

Step 1: Introduction

The relationship between the amount of a goods that producers need to sell at varied costs and therefore the quantity that customers need to shop for is thought as provide and demand in social science. it's the foremost typically used model of value determination in social science. The interaction of provide and demand during a market determines the worth of a goods. The ensuing value is thought because the equilibrium value, and it symbolizes a deal between the good's producers and customers. the number of an honest provided by producers equals the number sought-after by customers in equilibrium.

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