Using Graphs,explain How the Equilibrium Price and Quantity of Laptops

question 43

Essay

Using graphs,explain how the equilibrium price and quantity of laptops will change when:
a)the demand curve for laptops shifts right and the supply curve for laptops shifts left.The shift in the demand curve is greater than the shift in the supply curve.
b)both the demand and supply curves for laptops shift right by the same amount.
c)the demand curve for laptops shifts right without any change in the supply curve.

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Definitions:

Business's Accounts

Records that summarize a company's financial transactions, including assets, liabilities, revenues, and expenses.

Expense

A cost or charge that is incurred in the process of generating revenue, typically classified on an income statement.

Liability

A financial obligation or amount owed by an individual or entity, typically representing loans or accounts payable.

Asset

Resources owned or controlled by a business that are expected to produce future economic benefits.