Homework Answers
Refer the attached picture for the Demand and Supply Curve
b. Equilibrium Price = $ 730
and Equilibrium Quantity = 300
Refer the graph above all the curves have been labeled.
After the shift in demand curve the new equilibrium quantity = 360
equilibrium price = $ 765
e. The shift in demand may be due to the following reasons
- When price of related good changes then also the quantity demanded shift rightwards.
- Due to expectation, when people expect the price of the good to increase in future then the immediately the quantity demanded will increase and it will shift to its right.
- When the total popu;lation increases then the total demand increases for all the prices. Hence the demand curve will shift rightwards.
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