Question

How would the following affect the equilibrium price and quantity in the beef market? Illustrate using completely labeled supply and demand diagrams.

The price of chicken falls.

A: Demand for beef rises.. How would I illustrate supply demand diagrams?

Answer 1

P ' ` /
' ` /
' /
' / `
' / `
' / ` S
' D
'
'_________________________
Q

P---> Price
Q ---> Quantity

S---> Supply
D----> demand

Answer 2

sorry didn't work out right

basically....

a graph

x-axis ----> qauntity

y-axis -----> price

supply curve---> / (like a foward slash)

demand curve----> \ (like a back slash)

________________________________________

demand curve shifts upward and to the right.... (as you stated)

thus.... prince increases as well as quantity demanded