.... 2.1 Study the graphs below and answer the questions set. Android phone Apple phone S1 P1 P1 P2 P7 D1 D2 Q1 GRAPH (A) GRAPH (B) 2.1.1 State the change in supply that occur in graph A. (1) 2.1.2 Identify the original equilibrium price in graph B. (1) 2.3 Describe the term 'substitute goods'. (2) Briefly explain the effect of a decrease in quantity demanded on price for Apple phone (2 x 2) (4) (2) 2.4 2.5 Use the above graph to explain the concept of cross elasticity of demand.
.... 2.1 Study the graphs below and answer the questions set. Android phone Apple phone S1 P1 P1 P2 P7 D1 D2 Q1 GRAPH (A) GRAPH (B) 2.1.1 State the change in supply that occur in graph A. (1) 2.1.2 Identify the original equilibrium price in graph B. (1) 2.3 Describe the term 'substitute goods'. (2) Briefly explain the effect of a decrease in quantity demanded on price for Apple phone (2 x 2) (4) (2) 2.4 2.5 Use the above graph to explain the concept of cross elasticity of demand.
Chapter6: Elasticity
Section: Chapter Questions
Problem 2WNG: As the price of good X rises from 10 to 12, the quantity demanded of good Y rises from 100 units to...
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The effects of a decrease in quantity demanded on price for apple phone
Transcribed Image Text:2.1 Study the graphs below and answer the questions set.
Android phone
Apple phone
P.
S1
P1
PI
P2
P7
D1
D2
Q1
Q1
GRAPH (A)
GRAPH (B)
2.1.1
State the change in supply that occur in graph A.
(1)
(1)
2.1.2 Identify the original equilibrium price in graph B.
(2)
2.3
Describe the term 'substitute goods'.
(2)
Briefly explain the effect of a decrease in quantity demanded on price for Apple phone
(2 x 2) (4)
2.4
2.5
Use the above graph to explain the concept of cross elasticity of demand.
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