The price of X is higher than it was last month." a.) Draw the two different graphs—each with D&S, each shifting D or S—that illustrate this sentence. Denote what happens to price and quantity. b.) For each graph, determine whether there has been a change in demand or quantity demanded AND whether there has been a change in supply or quantity supplied. c.) Provide an example which explains why each curve shifted.

The price of X is higher than it was last month." a.) Draw the two different graphs—each with D&S, each shifting D or S—that illustrate this sentence. Denote what happens to price and quantity. b.) For each graph, determine whether there has been a change in demand or quantity demanded AND whether there has been a change in supply or quantity supplied. c.) Provide an example which explains why each curve shifted.

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter4: The Market Forces Of Supply And Demand

Section4.2: Demand

Problem 2QQ

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