For each of the following events described, indicate the effects to the demand and to the supply. Use the demand and supply graphs provided below to match these events. Then determine what happens to the market equilibrium price and equilibrium quantity. Scenario: Consider the market for wood burning stoves, if there is a decrease in the price of electricity and natural gas Change in Demand* Increase Decrease Did not Change Indeterminate Change in Supply * Increase Decrease Did not Change Indeterminate Graph * So Do Do A B A So So Do D. D O c So So S1 Do D1 Do E F E So So D. Do Do Q G H O H So So D Do Do D1 J So Do K K Change in market equilibrium price. * Increase Decrease Did not Change Indeterminate Change in market equilibrium quantity. * Increase Decrease Did not Change Indeterminate
For each of the following events described, indicate the effects to the demand and to the supply. Use the demand and supply graphs provided below to match these events. Then determine what happens to the market equilibrium price and equilibrium quantity. Scenario: Consider the market for wood burning stoves, if there is a decrease in the price of electricity and natural gas Change in Demand* Increase Decrease Did not Change Indeterminate Change in Supply * Increase Decrease Did not Change Indeterminate Graph * So Do Do A B A So So Do D. D O c So So S1 Do D1 Do E F E So So D. Do Do Q G H O H So So D Do Do D1 J So Do K K Change in market equilibrium price. * Increase Decrease Did not Change Indeterminate Change in market equilibrium quantity. * Increase Decrease Did not Change Indeterminate
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:For each of the following events described, indicate the effects to the demand and to the supply. Use the
demand and supply graphs provided below to match these events. Then determine what happens to the
market equilibrium price and equilibrium quantity.
Scenario: Consider the market for wood burning stoves, if there is a decrease
in the price of electricity and natural gas
Change in Demand*
Increase
Decrease
Did not Change
Indeterminate
Change in Supply *
Increase
Decrease
Did not Change
Indeterminate
Graph *
So
Do
Do
A
B
A
区区
So
So
Do
D.
D
O c
So
So
S1
Do
D1
Do
E
F
E
So
So
"D:
D.
Do
Do
Q
G
H
O H
So
So
D
Do
Do
D1
J
So
Do
K
K
Change in market equilibrium price. *
Increase
Decrease
Did not Change
Indeterminate
Change in market equilibrium quantity. *
Increase
Decrease
Did not Change
Indeterminate
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