Reference no: EM131228292
Interpreting Graphs: Shifting Curves
Graphs show statistical information in a visual manner. A graph that shows a shifting curve should immediately alert the reader to one of the following: a change in quantity demanded at every price, or a change in quantity supplied at every price. In Figure 6.9, a change in the number of producers has caused an increase in supply at every price. The sandwich shop across the street from Forest View High School now has a competitor.
TECHNIQUES FOR ANALYZING SHIFTING CURVES Use the following strategies, along with what you learned throughout Section 1, to analyze the graph.
THINKING ECONOMICALLY Analyzing
1. What are the pre-shift and post-shift equilibrium prices for a sandwich? Will an increase in quantity supplied at every price always result in a lower equilibrium price? Why?
2. Imagine that instead of an increase in supply, there is a decrease in demand. How will the equilibrium price change? Why?
3. On a separate sheet of paper, sketch intersecting quantity supplied and demanded curves with an equilibrium price of $4 at 80 sandwiches. How have the curves shifted from those that appear in Figure 6.9?
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