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A graphical description of a linear demand curve, when quantity demanded would be zero.

For the products shown in CAPITAL LETTERS, indicate whether equilibrium price and equilibrium quantity would rise or fall, and why. Be specific in addressing both equilibrium price and quantity. Before answering you may want to take a sheet of paper and sketch a supply and demand graph. In each case, make only one shift of either the supply or demand curve. Then note the change in equilibrium price and quantity.

Name a food product that is so repulsive to you that no matter what the price of this product, your quantity demanded would be zero.  Illustrate what would your linear demand curve look like on a graph? Pick out two possible prices. What is the quantity demanded in each case? Then connect those two points with a straight line.

 

Business Economics, Economics

  • Category:- Business Economics
  • Reference No.:- M922594

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