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:

Comparative Approach

A methodological strategy in research that involves comparing different species, groups, or systems to understand evolutionary relationships, functions, or adaptations.

Observational

Relating to the gathering of information through direct observation, without intervening or altering natural events, used extensively in scientific research.

Antipredator Response

Behavioral or physiological strategies employed by prey animals to avoid or deter predators.

Predator Distraction Hypothesis

A theory explaining certain animal behaviors or characteristics as tactics to divert a predator's attention away from the most vulnerable members of a group.