with the aim of diagram distinguish the change in quantity demand and a Change in quantity supply
Answers
Answer:
Change in Supply
Change in Quantity Supplied
Meaning When supply due to the change in all other variables other than the price of a good (i.e. price of the good remains same), then it is referred as change in supply. When supply changes due to change in the price of goods only, assuming other determinants remaining unchanged, then it is referred as change in quantity supplied.
Functions It is represented as
Q
x
=f(
P
ˉ
x
,P
y
,P
i
,T,G,G
F
,N
F
)
It is represented as
Q
x
=f(P
x
,
P
ˉ
y
,
T
ˉ
,
P
ˉ
i
,
G
ˉ
,
G
ˉ
f
,
N
ˉ
F
)
Shifts & Movements It results in a shift in the supply curve of the firm which can be rightwards or leftwards.
It results in a movement of the supply curve of the firm which can be upward or downward.
Types: The following are its types:
1) Increase in Supply
2) Decrease in Supply
The following are its types:
1) Expansion of Supply
2) Contraction of Supply
Diagram: (Ref. Image 1) (Ref. Image 2)
Explanation:
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Answer:
❤ANSWER ❤
Changes in quantity demanded can be measured by the movement of demand curve, while changes in demand are measured by shifts in demand curve. The terms, change in quantity demanded refers to expansion or contraction of demand, while change in demand means increase or decrease in demand.
Explanation: