Carefully explain what is happening in the following market. Indicate the impact if any on demand, supply, price and quantity: In the new academic year the university mandates that all new students must take Principles of Economics as a core requirement for their majors. Concurrently, the bookshop made their order for Principles of Economics textbook based on the number of registered students in the previous academic year. HINT: In the previous academic year only Economics and Management Studies majors were required to take Principles of Economics. Impact on supply Choose... Impact on price Choose... Impact on quantity Choose... Impact on demand Choose... ◆ + ♦ Change in quantity uncertain Decrease equilibrium price Increase towards equilibrium Shift outwards / to right Excess demand Decrease towards equilibrium Shift inwards / to left Increase equilibrium quantity Excess supply Shift outwards / to right Decrease equilibrium quantity Change in price uncertain Increase equilibrium price No impact

Carefully explain what is happening in the following market. Indicate the impact if any on demand, supply, price and quantity: In the new academic year the university mandates that all new students must take Principles of Economics as a core requirement for their majors. Concurrently, the bookshop made their order for Principles of Economics textbook based on the number of registered students in the previous academic year. HINT: In the previous academic year only Economics and Management Studies majors were required to take Principles of Economics. Impact on supply Choose... Impact on price Choose... Impact on quantity Choose... Impact on demand Choose... ◆ + ♦ Change in quantity uncertain Decrease equilibrium price Increase towards equilibrium Shift outwards / to right Excess demand Decrease towards equilibrium Shift inwards / to left Increase equilibrium quantity Excess supply Shift outwards / to right Decrease equilibrium quantity Change in price uncertain Increase equilibrium price No impact

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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