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Graph: Supply and Demand. Please help!?
I am doing a project for my macro-economics class about iPads.
I have a graph where supply increases (shifts to the right) and demand increases (shifts to the right) but the price remains unchanged.
what would this economic concept be called? at first I thought it would be change in demand but I am not entirely sure if that would be correct or not.
I cannot label it supply and demand because my teacher told me its too vague and I need to be more specific like change in demand, change in supply etc.
can someone please help me out, I would really appreciate it.
1 Answer
- 9 years agoFavorite Answer
If both supply and demand curves have shifted to the right (so that equilibrium quantity increases but price remains the same), then you should probably call it just that - an increase in supply and an increase in demand. Only calling it a 'change in demand' does not take into account the fact that supply has changed as well, and vice versa. If there was only an increase in demand, that would imply that quantity has increased, and price has also increased.
Although it can be hard to tell exactly what a teacher wants you to state, from the information you've given, I think that that would be the best way to go about it!
