Learning Goal: I’m working on a economics discussion question and need a sample draft to help me learn.
Please think of an example from everyday life of an event that caused either the supply or the demand for a product to increase or decrease (please only shift one curve). Please take the time to think of a straightforward (easy) example; it will work much better.
Once you have your example, please complete the following steps for your discussion post:
- write a short description of the event explaining if it caused the supply curve OR the demand to shift and in which direction (increase or decrease)
- explain how the shift affected the quantity and price in the market for the product.
- draw a graph showing:
the original supply and demand curves
the original equilibrium point
the original quantity and price (q1 and p1 are fine – you don’t need to add real prices or quantities)
how the curve shifted (right or left)
the new equilibrium point
the new quantity and price (q2 and p2 are fine)
*don’t forget to label both axes
**Hand-drawn graphs are totally fine. Please just take a picture and upload it to the discussion board.
**Videos are also great if you want to upload one.
**Please don’t forget to post a thoughtful comment to at least one of your classmate’s posts.
