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Unformatted text preview: The Effect of Technical Change on the Market for the Term Paper Revisions Price ($/revision) Quantity (millions of revisions per year) 55 12 D S 7.50 36 S Chapter 3 - Supply and Demand: An Introduction Slide 59 Predicting and Explaining Changes in Prices and Quantities Other determinants of supply z Weather z Expectations z Number of sellers Chapter 3 - Supply and Demand: An Introduction Slide 60 Price Quantity P P Q Q S D D An increase in demand will lead to an increase in both the equilibrium price and quantity Four Rules Governing the Effects of Supply and Demand Shifts: I...
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This note was uploaded on 02/20/2012 for the course ECON 202 taught by Professor Brightwell during the Spring '08 term at Texas A&M.
- Spring '08