Demand and Supply

Answering Questions on Economics

1. Set up assuption and draw the production possibilitues Curve (PPC) from consumer goods (horizontal axis) and Capital Goods (Vertical axis) on points , a, b, c, d,e,f,g. Let point h is under production and I is unattainable.

2. Draw demand and supply curves where

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a. Demand = Supply. What is this situation?

b. Demand > supply. What is this situation?

c. Demand < Supply. What is this situation?

3. Draw demand and supply equilibrium where:

a. Demand increases and supplyis constant

b. Demand decreases and supply is also decreased.

c. Demand increases and supply is decreased

What are the impacts of the prices and quantities ?