Use a supply and demand graph to show the impact of the following on the equilibrium price and quantity in the market for Texas Instrument calculators. Texas Instrument (TI) announces on their social media page that their calculators will go on sale in two months!
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Texas Instrument (TI) announces on their social media page that their calculators will go on sale in two months!
The demand curve for a product depicts the inverse relationship between the price of the product and the quantity demanded of the product, keeping other factors of demand constant.
There is movement along the demand curve when there is a change in the price of the product only. There is a shift in the demand curve when there is a change in other factors of demand and keeping price constant.
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The supply curve for a product depicts the direct relationship between the price of the product and the quantity supplied of the product, keeping other factors of supply constant.
There is a movement along the supply curve when there is a change in the price of the product only. There is a shift in the supply curve when there is a change in other factors of supply and keeping the price of the product constant.
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Equilibrium in the market occurs at the intersection point of the demand and supply curve.
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