Given the following table for 19-inch colour TVs, graph both the demand and supply curves. Label the equilibrium price and quantity. Now assume that a TV is a normal good and income rises. Consumers are now willing and able to purchase 500 more TVs per month at every price. Show this change on your graph and explain what has happened to equilibrium price and quantity as a result.

Question

Given the following table for 19-inch colour TVs, graph both the demand and supply curves. Label the equilibrium price and quantity. Now assume that a TV is a normal good and income rises. Consumers are now willing and able to purchase 500 more TVs per month at every price. Show this change on your graph and explain what has happened to equilibrium price and quantity as a result.
Given the following table for 19-inch colour TVs, graph both the demand and supply curves. Label the equilibrium price and quantity. Now assume that a TV is a normal good and income rises. Consumers are now willing and able to purchase 500 more TVs per month at every price. Show this change on your graph and explain what has happened to equilibrium price and quantity as a result.

Quizplus · Accepted Answer

The Answer of Given the following table for 19-inch colour TVs, graph both the demand and supply curves. Label the equilibrium price and quantity. Now assume that a TV is a normal good and income rises. Consumers are now willing and able to purchase 500 more TVs per month at every price. Show this change on your graph and explain what has happened to equilibrium price and quantity as a result.

Given the Following Table for 19-Inch Colour TVs, Graph Both