Reference no: EM131373036
Offer and demand
Instructions:
1) Read each of the following economic situations carefully:
a. The number of consumers of a product has increased this season.
b. For a particular good, 1,200 producers have entered the market.
c. A company dedicated to the production of medical equipment has invested in new technology to join two assembly lines, which will allow greater production and greater efficiency.
d. The price of the good of the competition has increased but to a lesser extent the effect caused in the elimination of taxes for payroll.
e. Costs have increased considerably, however, their effect is less than the increase in taxes for production.
2) Prepare a graph of each situation. It begins with the intersection of the demand and supply curves to establish the equilibrium point, the price, and the quantity of the initial equilibrium.
3) Analyze each situation and identify the curves you must move to find the equilibrium point, the price and the amount of the final equilibrium when compared to the initial equilibrium.
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