Question

Can you make a supply in demand graph?

Directions

1.Choose a product you are familiar with that would be affected by a market economy

2.Make up a total describing an event that would result in a change in supplies. Some examples of factors that could affect supply our cost of production, technology, and taxes. Once you have a title, then create a graph that includes the information listed below.

3.Make up a title describing an event, which result in a change in demand some examples of factors that could affect demand our personal preference, income, and price. Once you have a title and create a graph that includes the information listed below.

Each graph should have the following
A. The name of the product.
B. A title influencing change in supply or demand
C. A labeled graph showing supply and demand changes.
D. an explanation for the change.

Answer 1

To make a supply and demand graph, first draw a model before the economic change took place. Determine if the change affects supply or demand, and then explain the change and its impact on the graph. Option number C is correct.

Step-by-step explanation:

Step 1: Draw a demand and supply model before the economic change took place. To establish the model, you need to know the law of demand and the law of supply, as well as the shift variables for demand and supply. From this model, find the initial equilibrium values for price and quantity.

Step 2: Decide whether the economic change you are analyzing affects demand or supply. For example, an increase in jet fuel price affects the cost of air travel, which is a factor that affects supply.

Step 3: An increase in the price of jet fuel caused an increase in the cost of air travel. This would result in an upward or leftward shift in the supply curve.