Question 2 ECON 101Assignment 1Name:Student ID:Section:Date:40Quantity406080Quantity10020QuantityDFPricePriceQuantity406080100Quantity1. 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 laptopsd. A fall in the price of a substitute goode. you are planning to buy a sofa, and the cashierinforms you that there is a grand sale next month.Your current action will bef. as 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

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Question 2

ECON 101
Assignment 1
Name:
Student ID:
Section:
Date:
40
Quantity
40
60
80
Quantity
100
20
Quantity
D
F
Price
Price
Quantity
40
60
80
100
Quantity
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
d. A fall in the price of a substitute good
e. you 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. as 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

Step 1

2. A shift in the demand curve and supply curve is caused by changes in factors other than price of the good. A movement along the demand curve is occurred when there is change in the price of a good, other things remaining constant.

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