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Figure 4 shows a supply (S1) and demand curve (D;) for a normal good - illustrated by the continuous lines. Both curves may shift left or right depending on the situation described below, as illustrated by the dotted and dashed lines. The market is initially in equilibrium at point I given by the intersection of the supply curve S, and demand curve D,.

Figure 4 shows a supply (S1) and demand curve (D;) for a normal good - illustrated by the continuous lines. Both curves may shift left or right depending on the situation described below, as illustrated by the dotted and dashed lines. The market is initially in equilibrium at point I given by the intersection of the supply curve S, and demand curve D,.

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Price £/unit D1 ................ Quantity Figure 4 Supply and demand curves for a normal good Figure 4 shows a supply (S,) and demand curve (D,) for a normal good – illustrated by the continuous lines. Both curves may shift left or right depending on the situation described below, as illustrated by the dotted and dashed lines. The market is initially in equilibrium at point I given by the intersection of the supply curve S, and demand curve D, Consider the situation below and sele v ter that corresponds to the new point of equilibrium that would arise in the market from the list • The price of a substitute good fall F ( Previous page Next page > 00 DII F3 F4 E5 F6 F7 F8 F9 * £ # $ % & 3 4 5 7 8 9 会 吕 CO
Transcribed Image Text:Price £/unit D1 ................ Quantity Figure 4 Supply and demand curves for a normal good Figure 4 shows a supply (S,) and demand curve (D,) for a normal good – illustrated by the continuous lines. Both curves may shift left or right depending on the situation described below, as illustrated by the dotted and dashed lines. The market is initially in equilibrium at point I given by the intersection of the supply curve S, and demand curve D, Consider the situation below and sele v ter that corresponds to the new point of equilibrium that would arise in the market from the list • The price of a substitute good fall F ( Previous page Next page > 00 DII F3 F4 E5 F6 F7 F8 F9 * £ # $ % & 3 4 5 7 8 9 会 吕 CO
Price £/unit D1 D2 Quantity Figure 4 Supply and demand curves for a normal good Figure 4 shows a supply (S1) and demand curve (D,) for a normal good - illustrated by the continuous lines. Both curves may shift left or right depending on the situation described below, as illustrated by the dotted and dashed lines. The market is initially in equilibrium at point I given by the intersection of the supply curve S, and demand curve D1 Consider the situation below and select the letter that corresponds to the new point of equilibrium that would arise in the market from the list provided. • The price of a substitute good falls Next page > ( Previous page DD DII 000 F9 吕0 F7 F8 F6 F5 F3 F4 * %
Transcribed Image Text:Price £/unit D1 D2 Quantity Figure 4 Supply and demand curves for a normal good Figure 4 shows a supply (S1) and demand curve (D,) for a normal good - illustrated by the continuous lines. Both curves may shift left or right depending on the situation described below, as illustrated by the dotted and dashed lines. The market is initially in equilibrium at point I given by the intersection of the supply curve S, and demand curve D1 Consider the situation below and select the letter that corresponds to the new point of equilibrium that would arise in the market from the list provided. • The price of a substitute good falls Next page > ( Previous page DD DII 000 F9 吕0 F7 F8 F6 F5 F3 F4 * %
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