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Name Module 7 Featured Worksheet 1 Equilibrium and Disequilibrium Practice graphing the following changes to markets. First, draw a graph that shows a market in equilibrium. Then show the appropriate changes to your graphs, given the following situations. State the effect on price from the changes to that market. 1. The peach pie market is in equilibrium at $5 and 700,000. Show and label the equilibrium in this market. 2. The price of books has decreased greatly from equilibrium of $8 to $4 each. Graph the change. What happens to Qs and Qo of books? 3. The quantity supplied of comic books is much greater than the quantity demanded for comic books. Show and explain this on your model. What will happen to the price of comic books? Ray/Anderson, Krugman's Economics for the AP Course, 38 02019 BFW Publishers, Inc.Name Module 7 Featured Worksheet 1 Graphing Equilibrium from Shifts For each of the following, draw and label a market in equilibrium for books. Show what happens given the following changes. State what happens to equilibrium price and quantity and the give the reason for the change. 1. The government provides a per book subsidy to companies producing physical copies of textbooks. Q 2. Due to a world-wide drought the price of wood used to produce paper increases 20%. Q 3. Studies show that students who read physical copies of textbook perform better on tests. P Q Continued on the following page Ray/Anderson, Krugman's Economics for the AP Course, 3e 2019 BFW Publishers, Inc