the graph below shows two shocks to the market a) a fall in the price of production equipment b) an increase in the price of movie tickets by drawing on the graph: 1. draw a new supply and the new demand curve and label the curves properly please 2. then define the new equilibrium quantity and price on the graph then label the new equilibrium properly.
the graph below shows two shocks to the market a) a fall in the price of production equipment b) an increase in the price of movie tickets by drawing on the graph: 1. draw a new supply and the new demand curve and label the curves properly please 2. then define the new equilibrium quantity and price on the graph then label the new equilibrium properly.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
the graph below shows two shocks to the market
a) a fall in the
b) an increase in the price of movie tickets
by drawing on the graph:
1. draw a new supply and the new
2. then define the new

Transcribed Image Text:Market Price
10
9-
8-
3-
2-
1-
0
10
Market for DVDs
Eg
*****
So
•Do
20 30 40 50 60 70 80 90 100
Quantity
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