Economics - Demand and Supply (Basic 4)

Demand and Supply

1
Only demand changes, supply has no changes.

1.1.
Demand increases,
equalibrium price and quantity transacted increases,
total revenue increases.

Examples:
1.1.1. price of subsitute goods
1.1.2. price of complementary goods
1.1.3. expectation of price in future
1.1.4.
1.1.5.

1.2. Demand decreases,
equalibrium price and quantity transacted decreases,
total revenue decreases.





2. Only supply changes, demand has no change.

2.1. Supply increases,
equalibrium price decreases, quantity transacted increases,
total revenue increases, if .......
total revenue decreases, if .......

2.2. Supply decreases,
equalibrium price increases, quantity transacted decreases,
total revenue increases, if...
total revenue decreases, if...