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Business Economics (ECO 400) Assignment # 1 Total Marks 10
Business Economics (ECO 400) Assignment # 1 Total Marks 10
Business Economics (ECO 400) Assignment # 1 Total Marks 10
To test your understanding of demand and supply analysis, I am giving you six generic results from the interaction of supply and demand. Your job is to decide what shifts produced those results. The shifts are given without graphical description. On the left-hand side of the table below, I list combinations of movements of observed prices and quantities, labeling them 16. On the right we give six shifts in supply and demand, labeling them af.
You are to match the shifts with the price and quantity movements that best fit each described shift, using each shift and movement only once. My recommendation to you is to draw the graphs that are taught in lecture 3 decide what happens to price and quantity and then find the match in 16.