Use supply and demand to graphically illustrate the equilibrium price and quantity of dartboards.                   b. Assume: i. Tastes for playing darts increase.                                     ii. The number of firms that produce dartboards increases.                       Illustrate and explain how these two assumptions will affect supply, demand, price and quantity.                         In your analysis, identify the new equilibrium price and quantity.

Microeconomics
13th Edition
ISBN:9781337617406
Author:Roger A. Arnold
Publisher:Roger A. Arnold
Chapter3: Supply And Demand: Theory
Section3.3: The Market: Putting Supply And Demand Together
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 a. Use supply and demand to graphically illustrate the equilibrium price and quantity of dartboards.

                  b. Assume: i. Tastes for playing darts increase.

                                    ii. The number of firms that produce dartboards increases.

                      Illustrate and explain how these two assumptions will affect supply, demand, price and quantity.  

                      In your analysis, identify the new equilibrium price and quantity.

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