Equilibrium Price and Equilibrium Quantity

Introduction

There are two parts in this assignment. You will need to develop one graph in Part I and a series of graphs for Part II.

Part I: Demand and Supply Curves

Table 4.1 represents supply and demand for a piece of medical equipment.

  1. On the same graph, show the demand curve and supply curve for this piece of medical equipment.
  2. Identify where the market equilibrium is on the graph.
  3. State the Pe and Qe for this piece of medical equipment.

Part II: Changing Pe and Qe

For this part of the assignment, you do not use the numbers provided for Part I. For each of the following situations, create a graph of equilibrium in a market. Then, graphically show how each curve will shift. Indicate the direction in which each shift will occur. Finally, show how the Pe and Qe are affected by each situation.

  1. A good is a normal good and income increases.
  2. Consumers expect the price of a good to be lower in the future.
  3. There is a decrease in resource prices.
  4. There is a decrease in the number of existing suppliers.

Table 4.1

Price Quantity
Demanded		 Quantity
Supplied
400 90 10
800 80 20
1200 70 30
1600 60 40
2000 50 50
2400 40 60
2800 30 70
3200 20 80

Submission

All the files that you upload should be named using the following convention: Last name_First name_Assignment_4.1.

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