Compare both the Scenario 1 and Scenario 2 graphs. Notice that after completing both graphs, you can now see a difference between them that wasn't apparent before the shifts because cach graph indicates dfferent magnitudes for the supply and demand shifts in the market for pens. use the results of your answers an both the Scenario i and Scenario 2 grapts to complete the fallowing table. Begin by indicating the averal change in the equilbrium price and quantity after the snit in demand or supply for each shit magnitude scenaria. Then, in the final column, indicate the resulting change in the aquilbrium price and quantity when supply and demand shit in the direction you previously indicated an boch graphs. I you cannot determine the answer without knowing the magnitude of the shits, choose Cannot determine Change in Equilibrium Objects Scenarie 2 Scenario 1 When Shift Magnitudes Are Unknown Equilibrium Object Price Quantity True or False: When both the demand and supply curves shift, the curve that shifts by the larger magnitude determines the effect an the undetermined equlibrium object. O True O False

Compare both the Scenario 1 and Scenario 2 graphs. Notice that after completing both graphs, you can now see a difference between them that wasn't apparent before the shifts because cach graph indicates dfferent magnitudes for the supply and demand shifts in the market for pens. use the results of your answers an both the Scenario i and Scenario 2 grapts to complete the fallowing table. Begin by indicating the averal change in the equilbrium price and quantity after the snit in demand or supply for each shit magnitude scenaria. Then, in the final column, indicate the resulting change in the aquilbrium price and quantity when supply and demand shit in the direction you previously indicated an boch graphs. I you cannot determine the answer without knowing the magnitude of the shits, choose Cannot determine Change in Equilibrium Objects Scenarie 2 Scenario 1 When Shift Magnitudes Are Unknown Equilibrium Object Price Quantity True or False: When both the demand and supply curves shift, the curve that shifts by the larger magnitude determines the effect an the undetermined equlibrium object. O True O False

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter3: Demand And Supply

Section: Chapter Questions

Problem 3SCQ: In an analysis of the market for paint, an economist discovers the facts listed below. State whether...

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