Define the law of demand and the law of supply

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Reference no: EM131091866

a. Define the law of demand, and the law of supply, graph a change in quantity demanded, and a change in quantity supplied.

b. Illustrate a change in demand or supply

Change in Demand: Determinants

Determinants of Supply; change in supply

tastes and preferences,/population

change in Demand: prices of related goods

Change in Demand: income/ expectations of future prices

change in Supply: technology/# firms in the market place

change in Supply: resource price changes/ exportations of future prices

c. Illustrate what happens to the equilibrium price and quantity when you have an increase in demand and supply OR a decrease in demand and supply

Reference no: EM131091866

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