Can someone please draw me a economic demand and supply shift graph?
Market for Automobiles:
- X-axis: Quantity of Automobiles
- Y-axis: Price of Automobiles
- Curve: Supply (S), labeled as
"SO"
- Equilibrium Price: Pe
- Equilibrium Quantity: Qe
Now we add the shift in supply due to the semiconductor chip shortage:
- New supply curve (S1): Shifts to the left, indicating a decrease in supply of automobiles.
- New equilibrium price: P1 (higher than Pe)
- New equilibrium quantity: Q1 (lower than Qe)
We add arrows to show the direction of the changes in the curve, price, and quantity
