AВPricePricePrice3160 80 100Quantity20400 204060801000 20 4080100QuantityQuantityDPricePricePrice.S'4321D'20406080100Quantity206080Quantity10080100Quantity2040601. Using the six figures above, identify whether thedemand or supply curve will witness changesgiving the below circumstances:2. Also explain whether the demand or supply curvewill shift to the right or left, or move up or downa. a rise in the price of perfumesb. There is an increase in the number of buyersc. A decrease in the number of sellers of laptopsaA fall in the price of a substitute goodeyou are planning to buy a sofa, and the cashierinforms you that there is a grand sale next month.Your current action will be ....f.Jas a tailor, an fall in the price of fabric will lead tog. government sets price ceiling above theequilibrium price, will lead to...

Answered: 2. Also explain whether the demand or…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

A
В
Price
Price
Price
3
1
60 80 100
Quantity
20
40
0 20
40
60
80
100
0 20 40
80
100
Quantity
Quantity
D
Price
Price
Price
.S'
4
3
2
1
D'
20
40
60
80
100
Quantity
20
60
80
Quantity
100
80
100
Quantity
20
40
60
1. Using the six figures above, identify whether the
demand or supply curve will witness changes
giving the below circumstances:
2. Also explain whether the demand or supply curve
will shift to the right or left, or move up or down
a. a rise in the price of perfumes
b. There is an increase in the number of buyers
c. A decrease in the number of sellers of laptops
aA fall in the price of a substitute good
eyou are planning to buy a sofa, and the cashier
informs you that there is a grand sale next month.
Your current action will be ....
f.Jas a tailor, an fall in the price of fabric will lead to
g. government sets price ceiling above the
equilibrium price, will lead to...

Expert Solution

Concept

A change in the price of a good or service causes a movement along the demand curve in an opposite direction to that of the change in price and a movement along the supply curve in a positive direction to that of the change in price.

A complete shift in the supply or demand curve is observed when there is a change in a factor influencing supply or demand indicating a change in the quantity supplied or demanded at all prices, respectively.

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