Homework – Changes to Equilibrium Take your homework from the previous lesson, and now indicate what would happen to Equilibrium. On the previous homework, you should have indicated an “increase, decrease or neither” for Supply and Demand. Now, note what would happen to Equilibrium Price (P*) and Equilibrium Quantity (Q*). Make sure to highlight “why” […]
Describe the effect on equilibrium price and quantity of each factor.
Identify a good you commonly use or would like to use. Explain at least three factors that would result in a shift in the demand curve for that good and three factors that would result in a shift in the supply curve for that good. Describe the effect on equilibrium price and quantity of each […]