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Ok, for question 2.1, the question is Here below are 4 small questions of 2.1. For 2.1a, In this case, both demand and supply increase. Ok, in this question, the question asks how their price That means the wage rate of the engineer and the quantity of engineering graduates who get a job will change. As both supply and demand increase, the supply curve and the demand curve will both shift to the right. But how do equilibrium market price and quantity change? There are 2 circumstances. Here is the first case. When the demand shifts more, in this case, Blue curve and Red curve represent the original demand curve D0 and original supply curve S0 respectively. and Green curve and Purple curve represent the new demand curve D1 and new supply curve S1 respectively. We can see the demand curve shifts more. the demand curve Blue and Green here The gap between them is larger. That means the demand curve shifts more and the supply curve here the gap between them is smaller. That means they shift less. Therefore, it results in an increase in equilibrium market price and the equilibrium quantity increases. In case 2, the supply shifts more We can see the red and the purple curve here The gap between them is larger than the gap between the demand curves. Therefore, the equilibrium price decreases and also the equilibrium quantity increases. The intersection point here The x-coordinate represents the equilibrium price. Therefore in this case, decreases and the case one here the intersection point increases. Therefore, the equilibrium market price increases. Ok, for question 2.1b to 2.2b, I will let Mr Mok discuss them. Mr Mok, please~

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Duration: 2 minutes and 32 seconds
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Language: English
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Posted by: stupidfung on Mar 1, 2020

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