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Draw a supply and demand diagram of a commodity you buy every day for your own consumption or a hypothetical commodity, say X, and show the equilibrium price and quantity demanded and supplied in the diagram. What assumptions have you made? Under what conditions these supply and demand curve changes (shift) and what happens then to the equilibrium price and quantity you have just identified (determined)? What is the conceptual dissimilarity between changes in quantity demanded or supplied as compared to changes in demand and/or supply?

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M91226699

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