Returning to the original demand and supply curves, if there was a recession causing a contraction in consumer incomes, but not affecting suppliers, how would the curves shift and how would equilibrium price and quantity change?
Instructions: The assignments should be typed in Word. Diagrams and graphs, however, may be drawn with a pen and a ruler, drawn using Word/Excel, and scanned/pasted/attached to your submission. Problem 1 The demand and supply functions for hockey sticks are represented by the following equations, where Qd is the number of crates of sticks demanded, […]