Tim Bradley Iyoha
π 10 karma
2024-03-29
Demand and supply curve
7
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0 answers
Draw a graph:
Demand curve (D) sloping downwards from left to right.
Initial supply curve (S) intersecting with the demand curve (D) at the initial equilibrium point (E1).
New supply curve (S') shifted to the right of the initial supply curve (S).
Intersection of the new supply curve (S') with the demand curve (D) at the new equilibrium point (E2).
This demonstrates how the new and improved crop rotation technique increases the supply of corn, leading to a lower equilibrium price and a higher equilibrium quantity.
Demand curve (D) sloping downwards from left to right.
Initial supply curve (S) intersecting with the demand curve (D) at the initial equilibrium point (E1).
New supply curve (S') shifted to the right of the initial supply curve (S).
Intersection of the new supply curve (S') with the demand curve (D) at the new equilibrium point (E2).
This demonstrates how the new and improved crop rotation technique increases the supply of corn, leading to a lower equilibrium price and a higher equilibrium quantity.
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