two questions-
1. if sam decidedd to buy more vegtables does this imply that there has been an increase in quantity demanded . please graph as well
2. a dealer has recently started using a foreign supplier of goods rather than a local one . this caused his cost to decrease and him to reduce prices . Is this an example of change in quantity supplied or just a change in supply? please graph
1.increase in quantity demanded
2.just a change in supply
how do you propose how to graph it on here. this is a text only forum?
You can still explain and visualize the concepts without actually graphing them here. Let's break down each question and explain the concepts involved:
1. If Sam decided to buy more vegetables, this implies an increase in quantity demanded. When the price remains constant, an increase in quantity demanded refers to an increase in the amount of a good or service that individuals are willing and able to purchase. To graph this situation, you would plot a horizontal demand curve and show an increase in quantity demanded by shifting the point along the demand curve to the right.
2. The dealer using a foreign supplier, resulting in lower costs and reduced prices, represents a change in supply. Change in supply refers to a shift in the entire supply curve due to factors such as input prices, technology, or government regulations. In this case, the change in supplier indicates a change in the cost of production and, consequently, a change in supply. To visualize this, you can draw two different supply curves: one representing the local supplier and another representing the foreign supplier. The shift from the local supply curve to the foreign supply curve would illustrate the change in supply.
While I cannot provide an actual graph within this text-only forum, I hope the explanations help you understand the concepts involved.