P ' ` /
' ` /
' /
' / `
' / `
' / ` S
' D
'
'_________________________
Q
P---> Price
Q ---> Quantity
S---> Supply
D----> demand
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?
2 answers
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
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
2 answers