We're gonna see that what happens when there's a simultaneous change in both demand and supply? There are four different things that can happen with simultaneous change. We can have Demand and Supply both increase together. Demand and Sup…
In this article, we're going to discuss substitutes and complements in economics. The idea behind substitutes and complements is that a change in the price of one good can actually affect demand for a different good and it depends on whether t…
We know that a change in people's income is going to affect demand, right? So it's going to affect demand for goods and services, going to affect demand for cars and so on but the question is, is it going to increase demand or is it going to…
In this article, we're going to discuss the difference between a change in supply and a change in quantity supplied they sound similar but they're different. So when there's a change in price, the price of a good or service goes up or …
Let's talk about how to graph a change in supply. So a change in supply can occur for a number of reasons it could be that there's been a change in the number of suppliers may be new suppliers have entered the market, could be a change in th…
In this article, we're going to talk about the difference between a change in demand and a change in quantity demanded. So a change in price holding everything else constant just changing the price of a good or service is going to lead to a c…
In this article, I want to show you how to graph a change in demand but first, it's good to understand why demand can change and so I just want to give you a few examples. So demand could change of people's income increases or decreases if…
In a previous article, we talked about how we could find the market equilibrium by graphing the supply and demand curves and see where they intersect and then our equilibrium price was the price where the quantity demanded equaled the quantity supp…
