Top Posters
Since Sunday
5
a
5
k
5
c
5
B
5
l
5
C
4
s
4
a
4
t
4
i
4
r
4
Home Q & A Board Other Fields Homework Help Business Economics
New Topic  
jccruz jccruz
wrote...
Go to Answer
Posts: 151
Rep: 0 0
A year ago


Short description: A graph plots the quantity of X against the price of X. Long description: The horizontal axis representing the quantity of X lists the following values from left to right: Q subscript 1, Q subscript 2, and Q subscript 3. The vertical axis representing the price of X lists the following values from top to bottom: P subscript 1, P subscript 2, and P subscript 3. The graph plots four lines. Two decreasing lines represent D subscript 1 and D subscript 2. Two increasing lines represent S subscript 1 and S subscript 2. The lines, D subscript 1 and S subscript 1 intersect at A (Q subscript 1, P subscript 2). The lines, D subscript 1 and S subscript 2 intersect at C (Q subscript 2, P subscript 3). The lines, D subscript 2 and S subscript 1 intersect at B (Q subscript 2, P subscript 1). The lines, D subscript 2 and S subscript 2 intersect at D (Q subscript 3, P subscript 2). Three vertical dashed lines are drawn from Q1, Q2, and Q3. Three horizontal dashed lines are drawn from P1, P2, and P3.

FIGURE 3-6

Refer to Figure 3-6. If the demand curve shifts from D1 to D2, while supply remains at S1, one could say that



▸ the price of a good which is a substitute for X must have fallen.

▸ the price increase has caused an increase in quantity demanded.

▸ the quantity demanded has decreased to Q1 and price has fallen to P2.

▸ there has been an increase in demand for X.

▸ there is now an excess demand at the new price of P1.
Textbook 
Microeconomics

Microeconomics


Edition: 17th
Author:
Read 32 times
1 Reply
Replies
Answer verified by a subject expert
rectorrector
wrote...
#1
Posts: 136
Rep: 0 0
A year ago
Sign in or Sign up in seconds to unlock everything for free
More solutions for this book are available here
1

Related Topics

jccruz Author
wrote...

A year ago
Thanks
decibul
wrote...

Yesterday
You make an excellent tutor!
ky
wrote...

2 hours ago
This helped my grade so much Perfect
New Topic      
Quick Reply
Explore
Post your homework questions and get free online help from our incredible volunteers
  1227 People Browsing
Start New Topic Take the Tour CoursesNew Study Tools Topics Trending Browse by Textbook
Live Chat
Related Images
  
 100
  
 213
  
 638
Your Opinion
What's your favorite coffee beverage?
Votes: 274
Previous poll results: What's your favorite funny biology word?