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123_Analysis - EconomicAnalysis Easyas1,2,3 Price S1 1...

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Economic Analysis Easy as 1, 2, 3 Price S 1 P 1 A S 2 B P 2 D Q 1 Q 2 Quantity Musical C.D.’s 1. Before Change - Equilibrium at P1, Q1 2. Change - Robots Did it affect supply or demand first? Supply Which determinant caused change? Δ tech & resource Price Will it increase or decrease ? supply increases, shifts right 3. After Change – New Equilibrium at P 2 , Q 2
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Practice  Example:  Using the Supply-Demand model, Economic Analysis,  and a short paragraph, explain what will happen to the price and quantity of  gasoline at equilibrium if Americans start to drive fuel-efficient cars rather  than gas-guzzler cars. Graph Analysis Explanation
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Practice  Example:  Using the Supply-Demand model, Economic Analysis,  and a short paragraph, explain what will happen to the price and quantity of  gasoline at equilibrium if Americans start to drive fuel-efficient cars rather  than gas-guzzler cars. Example Graph P S P 1 A P 2 B D 1 D 2 Q Q 2 Q 1 Gasoline Eco Analysis 1 . A – P 1 , Q 1 2 . Δ – people
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