Discuss how the equilibrium price and quantity change when a change in demand occurs and the supply stays constant, and when a change in supply occurs and the demand stays constant. To illustrate answer each of the following:
- Discuss what happens to the equilibrium price and quantity of Colgate Toothpaste when there is an increase in the demand for Colgate Toothpaste but no change in the supply. What could cause an increase in the demand for Colgate Toothpaste but no change in supply?
- Discuss what happens to the equilibrium price and quantity of Colgate Toothpaste when there is a decrease in the demand for Colgate Toothpaste but no change in the supply. What could cause a decrease in the demand for Colgate Toothpaste but no change in supply?
- Discuss what happens to the equilibrium price and quantity of Colgate Toothpaste when there is an increase in the supply of Colgate Toothpaste but no change in the demand. What could cause an increase in the supply of Colgate Toothpaste but no change in demand?
- Discuss what happens to the equilibrium price and quantity of Colgate Toothpaste when there is a decrease in the supply of Colgate Toothpaste but no change in the demand. What could cause a decrease in the supply of
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