Please think of an example from everyday life of an event that caused either the supply or the demand for a product to increase or decrease (please only shift one curve). Please take the time to think of a straightforward (easy) example; it will work much better.
Once you have your example, please complete the following steps for your discussion post:
write a short description of the event explaining if it caused the supply curve OR the demand to shift and in which direction (increase or decrease)
explain how the shift affected the quantity and price in the market for the product.
Hand-draw a graph showing:
the original supply and demand curves
the original equilibrium point
the original quantity and price (q1 and p1 are fine – you don’t need to add real prices or quantities)
how the curve shifted (right or left)
the new equilibrium point
the new quantity and price (q2 and p2 are fine)
*don’t forget to label both axes
**Important: Be sure to hand-draw your diagram to earn credit. I want to be sure you know how to draw the diagrams and are not using AI to make them for you.
**Please don’t forget to post a thoughtful comment to at least one of your classmate’s posts.
How to Embed Your Graph in Your Response
