just a few questions that would like to double check my answer
For each of the following cases, sketch a supply and demand curve for the specified industry and show how each event will shift the curves. (Be sure to label all curves)! State what occurs to the Q and P for each industry. (Do not state the Qs or QD.
1.
To answer this question, we need to understand how supply and demand curves work and how different events can shift these curves. Here's a step-by-step guide on how to approach this:
1. Draw the initial supply and demand curves: Start by drawing a set of intersecting curves representing the initial supply (S) and demand (D) for the specified industry on a graph. The horizontal axis represents the quantity (Q) and the vertical axis represents the price (P). Label the curves as S and D.
2. Identify the event: Determine the event mentioned in the question that will affect the supply or demand in the industry.
3. Determine the impact on supply or demand: Based on the event described, determine whether it affects the supply or demand side of the industry.
4. Identify the direction of the shift: Determine whether the event will cause the supply or demand curve to shift to the left (decrease) or to the right (increase) on the graph.
5. Draw the shifted curves: Draw the shifted supply or demand curve according to the direction of the shift determined in the previous step. Label the new curve as S1 or D1.
6. Analyze the impact on Q and P: Finally, observe and state the changes that occur to the quantity (Q) and price (P) for the industry. Take note of how the shift in the curves affects the equilibrium point where the supply and demand curves intersect.
For each specific case in your question, you can follow this process to get the answer. Let me know if you have any other questions or if there's a specific case you'd like me to explain.