Price D1 D₂ $12 5 9 $10 8 12 $8. 11 15 $6 13 $4 16 21 $2 18 24 S₁ 19 17 15 13 11 9° S₂ 14 10 8 6 4 Suppose that D₁ and S₁ are the prevailing demand and supply curves for a product. If the demand schedule changes from D₁ to D 2, then equilibrium price increases from $6 to $8 equilibrium quantity decreases from 15 to 13 equilibrium price decreases from $6 to $4 equilibrium quantity increases from 13 to 18

Price D1 D₂ $12 5 9 $10 8 12 $8. 11 15 $6 13 $4 16 21 $2 18 24 S₁ 19 17 15 13 11 9° S₂ 14 10 8 6 4 Suppose that D₁ and S₁ are the prevailing demand and supply curves for a product. If the demand schedule changes from D₁ to D 2, then equilibrium price increases from $6 to $8 equilibrium quantity decreases from 15 to 13 equilibrium price decreases from $6 to $4 equilibrium quantity increases from 13 to 18

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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