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Increase in demand
SS is the supply curve and D1D1 the initial demand curve shifts to the right, to position D2D2. P1 is the initial equilibrium price and q1 the initial equilibrium quantity. When demand increases to D2D2, then at price P1, the quantity demanded increases from q1 to qd. But the quantity supplied at that price is still q1. This leads to excess demand over supply (qd - q1). This causes prices to rise to a new equilibrium level P2 and the quantity supplied to rise to a new equilibrium level, q2.
Q. Cheapening of Materials and Equipments? Expansion of an industry increases the demand for different kinds of materials and capital equipments. This will result in large scal
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Question: (a) As an advisor to government as well as that to a firm how will you make use of your knowledge on price elasticity of demand, income elasticity and cross price ela
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define scarcity and opportunity cost..
examples
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