Reference no: EM131000095
Draw a demand-supply graph and label the aces with the price and quantity of khaki pants for each scenario below.
-A new technology reduces the time it takes to make a pair of khaki pants.
-The price of the cloth used to make khaki pants falls.
-The wage rate paid to garment workers increases.
-The price of jeans increases.
-People's incomes increase.
Address the following questions below for each graph scenario above.
-Does this event change demand, supply, both, or neither?
-Does this event increase or decrease demand and/or supply?
-How does this change in demand and/or supply affect the equilibrium prices and quantity in the market? In other words, do they increase or decrease?
-Find the new equilibrium and compare it with the original one in terms of equilibrium price and quantity. Do they increase or decrease?
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Original one in terms of equilibrium price and quantity
: Draw a demand-supply graph and label the aces with the price and quantity of khaki pants for each scenario below. Does this event increase or decrease demand and/or supply? Find the new equilibrium and compare it with the original one in terms of equ..
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