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# Linear supply and demand curves are shown in Figure 1.59, with price on the vertical

## Problem 37 Chapter 1.4

Applied Calculus | 5th Edition

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Applied Calculus | 5th Edition

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Problem 37

Linear supply and demand curves are shown in Figure 1.59, with price on the vertical axis. (a) Label the equilibrium price p0 and the equilibrium quantity q0 on the axes. (b) Explain the effect on equilibrium price and quantity if the slope, p/q, of the supply curve increases. Illustrate your answer graphically. (c) Explain the effect on equilibrium price and quantity if the slope, p/q, of the demand curve becomes more negative. Illustrate your answer graphically. Supply Demand q p Figure 1.59 3

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1. Which of the following statistics is usually regarded as the best single measure of a society’s economic well­being 1. Gross Domestic Product  The GDP represents the total income of everyone in the economy.  It measures two things at once. 1. The total income of everyone in the economy 2. The total expenditure...

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