Using Graphs, Explain What Will Happen to Equilibrium Price and Equilibrium

question 3

Essay

Using graphs, explain what will happen to equilibrium price and equilibrium quantity of a product as a result of each of the following scenarios:
a. A rise in the number of buyers and a decrease in the cost of producing the product.
b. A decrease in the number of suppliers and an increase in the number of buyers.
c. An increase in the cost of production and a decrease in consumers' income.
d. Advances in the technology used to produce the product and a decrease in the price of a substitute.
e. A decrease in the tax on the product imposed on consumers and a decline in the price of a complement.
f. A government program that subsidizes the price of the product to consumers and a tax imposed on the producer.

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Definitions:

Above/Below Average

An analytical comparison indicating whether a value is greater than (above) or less than (below) the statistical average of a data set.

Banded Columns

A spreadsheet or database table display format where columns are alternately colored or shaded to enhance readability.

Fill Formatting

The process of applying background color, patterns, or images to a selected portion of a document or spreadsheet.

Banded Columns

Alternating column colors in a table or spreadsheet to improve readability.