Directions: Illustrate each of the following situations and write what happened to Price Equilibrium (Increase, Decrease or Indeterminate?) and Quantity Equilibrium (Increase, Decrease or Indeterminate?).
Directions: Illustrate each of the following situations and write what happened to Price Equilibrium (Increase, Decrease or Indeterminate?) and Quantity Equilibrium (Increase, Decrease or Indeterminate?). As necessary, label S1, $2, DI, D2, Peql, Peq2, Qeql, Qeq2 and uses arrows to show shifts. 1) Supply: No Change 2) Supply: Decrease Demand: Increase Demand: No Change Price X Price X Quantity Quantity 3) Supply: Increase 4) Supply: No Change Demand: No Change Demand: Decrease Price X Price X Quantity Quantity
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