Show equilibrium price and equilibrium quantity

Reference no: EM132399739 , Length: 1 page

Question 1:

Explain the effect on the demand curve, the supply curve, the equilibrium price, and the equilibrium quantity of each of the following events.
a) What will happen to the equilibrium price and quantity of Ink cartridges if the price of printers decline?
b) What will happen to the equilibrium price and quantity of tea as the price of coffee falls?
c) What will happen to the equilibrium price and quantity of new houses if the wage rate of carpenters falls?
d) What will happen to the equilibrium price and quantity of rents of villas inside the city if the government increases the salaries?

Question 2:

1. Label the curves and show equilibrium price and equilibrium quantity.
2. Define the surplus and shortage and show each one of them in the graph.

Reference no: EM132399739

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