Next, complete the following graph, labeled Scenario 2, by shifting the supply and demand curves in the same way that you did on the Scenario 1graph.PRICE (Dollars per pen)1098coLO5+321001PriceQuantity2Equilibrium ObjectTrueScenario 23FalseSupply4567QUANTITY (Millions of pens)DemandScenario 189Compare both the Scenario 1 and Scenario 2 graphs. Notice that after completing both graphs, you can now see a difference between them thatwasn't apparent before the shifts because each graph indicates different magnitudes for the supply and demand shifts in the market for pens.10Use the results of your answers on both the Scenario 1 and Scenario 2 graphs to complete the following table. Begin by indicating the overall changein the equilibrium price and quantity after the shift in demand or supply for each shift-magnitude scenario. Then, in the final column, indicate theresulting change in the equilibrium price and quantity when supply and demand shift in the direction you previously indicated on both graphs. If youcannot determine the answer without knowing the magnitude of the shifts, choose Cannot determine.DemandSupply(?)Change in Equilibrium ObjectsScenario 2True or False: When both the demand and supply curves shift, you can always determine the effect on price and quantity without knowing themagnitude of the shifts.When Shift Magnitudes Are Unknown

The supply and demand curve is a graphical representation of the relationship between the quantity…

Next, complete the following graph, labeled Scenario 2, by shifting the supply and demand curves in the same way that you did on the Scenario 1 graph. PRICE (Dollars per pen) 10 9 8 7 Scenario 2 Supply Demand Supply (?)

Next, complete the following graph, labeled Scenario 2, by shifting the supply and demand curves in the same way that you did on the Scenario 1 graph. PRICE (Dollars per pen) 10 9 8 7 Scenario 2 Supply Demand Supply (?)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Hello, I need help filling this table, specifically the movement direction (e.g I did the last one). Thank you!
Please assist
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