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  2. Economic graph - Wikipedia

    en.wikipedia.org/wiki/Economic_graph

    The graph depicts an increase (that is, right-shift) in demand from D 1 to D 2 along with the consequent increase in price and quantity required to reach a new equilibrium point on the supply curve (S). A common and specific example is the supply-and-demand graph shown at right.

  3. Economic equilibrium - Wikipedia

    en.wikipedia.org/wiki/Economic_equilibrium

    In a monopoly, marginal revenue (MR) equals marginal cost (MC). The equilibrium quantity is obtained from where MR and MC intersect and the equilibrium price can be found on the demand curve where MR = MC. Property P1 is not satisfied because the amount demand and the amount supplied at the equilibrium price are not equal.

  4. Supply and demand - Wikipedia

    en.wikipedia.org/wiki/Supply_and_demand

    Increased demand can be represented on the graph as the curve being shifted to the right. At each price point, a greater quantity is demanded, as from the initial curve D 1 to the new curve D 2. In the diagram, this raises the equilibrium price from P 1 to the higher P 2. This raises the equilibrium quantity from Q 1 to the higher Q 2. (A ...

  5. Comparative statics - Wikipedia

    en.wikipedia.org/wiki/Comparative_statics

    If we equate quantity supplied with quantity demanded to find the equilibrium price , we find that P e q b = a − c g − b . {\displaystyle P^{eqb}={\frac {a-c}{g-b}}.} This means that the equilibrium price depends positively on the demand intercept if g – b > 0, but depends negatively on it if g – b < 0.

  6. Tax wedge - Wikipedia

    en.wikipedia.org/wiki/Tax_wedge

    The tax wedge is the deviation from the equilibrium price and quantity (and , respectively) as a result of the taxation of a good. Because of the tax, consumers pay more for the good ( P c {\displaystyle P_{c}} ) than they did before the tax, and suppliers receive less for the good ( P s {\displaystyle P_{s}} ) than they did before the tax . [ 1 ]

  7. Cobweb model - Wikipedia

    en.wikipedia.org/wiki/Cobweb_model

    The equilibrium price is at the intersection of the supply and demand curves. A poor harvest in period 1 means supply falls to Q 1 , so that prices rise to P 1 . If producers plan their period 2 production under the expectation that this high price will continue, then the period 2 supply will be higher, at Q 2 .

  8. Demand curve - Wikipedia

    en.wikipedia.org/wiki/Demand_curve

    The constant b is the slope of the demand curve and shows how the price of the good affects the quantity demanded. [6] The graph of the demand curve uses the inverse demand function in which price is expressed as a function of quantity. The standard form of the demand equation can be converted to the inverse equation by solving for P:

  9. Competitive equilibrium - Wikipedia

    en.wikipedia.org/wiki/Competitive_equilibrium

    Competitive equilibrium (also called: Walrasian equilibrium) is a concept of economic equilibrium, introduced by Kenneth Arrow and Gérard Debreu in 1951, [1] appropriate for the analysis of commodity markets with flexible prices and many traders, and serving as the benchmark of efficiency in economic analysis.