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What is an example of a change in equilibrium? Explain the change and provide a graph
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- 3. Determinants of demand The following graph shows the demand curve for sedans (for example, Toyota Camrys or Honda Accords) in New York City. For simplicity, assume that all sedans are identical and sell for the same price. Initially, the graph shows market demand under the following circumstances: Average household income is $50,000 per year, the price of a gallon of gas is $4.00 per gallon. Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. Graph Input Tool Demand for Sedans Demand for Sedans 40 I Price of a sedan 15 (Thousand of dollars) Quantity Demanded 563 (Sedans per month) Demand Shifters Average Income (Thousands of dollars) 50 Demand 10 Price of Gas 4 (Dollars per gallon) 100 200 300 400 500 600 700 800 900 QUANTITY (Sedans per month) PRICE (Thousands of dollars per…Consider a market for Lemonade. Please use the accompanying graph to answer following questions. P is the price of Lemonade and Q is the quantity of Lemonade. Please answer step by step follow question.Answer must be correct. Don,t copy from anywhere. Write proper answer. Answer follow image.Do all calculation step by step.not use ai please
- 3. Determinants of demand The following graph shows the demand curve for sedans (for example, Toyota Camrys or Honda Accords) in New York City. For simplicity, assume that all sedans are identical and sell for the same price. Initially, the graph shows market demand under the following circumstances: Average household income is $50,000 per year, the price of a subway ride is $2.00 per ride. Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. Graph Input Tool Demand for Sedans Demand for Sedans 40 I Price of a sedan (Thousand of dollars) 20 Quantity Demanded 450 30 (Sedans per month) Demand Shifters Average Income (Thousands of dollars) 50 Demand 10 Price of Subway (Dollars per ride) 2 100 200 300 400 500 600 700 800 900 QUANTITY (Sedans per month) PRICE (Thousands of dollars per…Consider the market for softdrinks in canada, where there are over a thousand stores that sell soft drinks at any given moment. Suppose the health authority issue a public warning that consuming soft drinks is not good for health. Holding all other factors constant, what will be the effect on market? Draw a graph and explain.The following graph shows the market for cereal in San Diego, where there are over 1,000 stores that sell cereal at any given moment. Suppose a new scientific study shows that San Diego is the most polluted city in the world. Due to health concerns, a significant number of families move out of the city. *graph Now suppose Congress passes a new tax that decreases the income of San Diego residents. If cereal is a normal good, this will cause the demand for cereal to increase or decrease?
- If the graph below represents the demand for tickets to broadway musicals, an increase in the popularity of broadway musicals is illustrated by: Price A C B D1 D2 Quantity Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a a movement along D₁ from point B to point A. b a movement along D₁ from point A to point B. C a shift from point A on D₁ to point C on D2. d a shift from point C on D₂ to point B on D₁.What would happen to a specific demand curve if one of the demand factors changed? Give an example of demand, and use properly labelled graphs to show your instances.By using diagram, show the impact of a shift of demand or supply on the equilibrium point.
- Show graphically, in one graph, what would happen to the equilibrium price and quantity of beef if the price of chicken (a substitute) were to decrease.Consider the demand for measuring tapes. The demand for measuring tapes is Qd 750 7p and the supply is Qs = 500 + 6p. Use the equations to develop a table with price, demand and supply, then draw the market graph. Use the graph to calculate the consumer's surplus.Use graphs to demonstrate the effect of ashift in supply or demand, and describe what causesthese curves to shift
