In Figure below, using the supply and demand curves denoted S1 and D1, respectively, Price $150 $100 $75-- $50- 50 75 100 52 Quantity (thousands) if demand were to increase to D2 and the equilibrium price stayed the same there would be shortage new equilibrium at 75,000 new equilibrium at 100,000

In Figure below, using the supply and demand curves denoted S1 and D1, respectively, Price $150 $100 $75-- $50- 50 75 100 52 Quantity (thousands) if demand were to increase to D2 and the equilibrium price stayed the same there would be shortage new equilibrium at 75,000 new equilibrium at 100,000

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

In Figure below, using the supply and demand curves denoted S1 and D1, respectively,
Price
$150
$100
$75-
$50
1
I
50 75 100
O surplus
Quantity
(thousands)
if demand were to increase to D2 and the equilibrium price stayed the same there would be
shortage
new equilibrium at 75,000
new equilibrium at 100,000
D₂
new equilibrium at 50,000

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