d. Suppose income increases and consumers are willing and able to buy 100 more units at each price. Construct the new demand curve and label it D₂. What is the new equilibrium price and quantity? e. Suppose input prices fall and suppliers are willing to offer for sale 200 more units at each price. Construct the new supply curve, and label it S₂. What are the new equilibrium price and quantity when the supply and demand curves are D₂ and S₂?

d. Suppose income increases and consumers are willing and able to buy 100 more units at each price. Construct the new demand curve and label it D₂. What is the new equilibrium price and quantity? e. Suppose input prices fall and suppliers are willing to offer for sale 200 more units at each price. Construct the new supply curve, and label it S₂. What are the new equilibrium price and quantity when the supply and demand curves are D₂ and S₂?

Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)

14th Edition

ISBN:9781305506381

Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Chapter5: Business And Economic Forecasting

Section: Chapter Questions

Problem 1.1CE

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