{"id":124448,"date":"2022-01-26T18:03:30","date_gmt":"2022-01-26T18:03:30","guid":{"rendered":"https:\/\/essayparlour.com\/custom-essays\/?p=124448"},"modified":"2022-01-26T18:03:30","modified_gmt":"2022-01-26T18:03:30","slug":"look-again-at-textbook-figure-2-2-trace-it-onto-a","status":"publish","type":"post","link":"https:\/\/essayparlour.com\/custom-essays\/business-economics-2\/look-again-at-textbook-figure-2-2-trace-it-onto-a\/","title":{"rendered":"Look again at textbook Figure 2.2. Trace it onto a"},"content":{"rendered":"<table style = 'table-striped table-bordered table-hover' responsive='true'>\n<tr>\n<th>Question<\/th>\n<\/tr>\n<tr>\n<td>Look again at textbook Figure 2.2. Trace it onto a piece of scrap paper. Now draw two demand curves on your figure. Draw one that is horizontal at P = $32\/MWH and one that is vertical at quantity = 15,000 MWH.<br \/>\n (a) What happens to the equilibrium price when the supply curve shifts from S0 to S1 in each case?<br \/>\n (b) A horizontal demand curve means that consumers will buy any amount produced at a price of $32\/MWH or less, but they will buy none if the price goes higher. A vertical demand curve means that consumers do not respond at all to price-they will buy the same quantity regardless of how much it costs. Which do you think is closer to how consumers buy electricity? That is, do consumers pay a lot of attention to price (the horizontal curve), or do they ignore price (the vertical curve)?<br \/>\n (c) Compare your answer in (b) to the true demand curve in Figure 2.3. When the price shifted, did the quantity demanded change a lot or a little?<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>Question<\/p>\n<p>\nLook again at textbook Figure 2.2. Trace it onto a piece of scrap paper. Now draw two demand curves on your figure. Draw one that is horizontal at P = $32\/MWH and one that is vertical at quantity = 15,000 <\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[43],"tags":[],"class_list":["post-124448","post","type-post","status-publish","format-standard","hentry","category-business-economics-2"],"_links":{"self":[{"href":"https:\/\/essayparlour.com\/custom-essays\/wp-json\/wp\/v2\/posts\/124448","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/essayparlour.com\/custom-essays\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/essayparlour.com\/custom-essays\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/essayparlour.com\/custom-essays\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/essayparlour.com\/custom-essays\/wp-json\/wp\/v2\/comments?post=124448"}],"version-history":[{"count":1,"href":"https:\/\/essayparlour.com\/custom-essays\/wp-json\/wp\/v2\/posts\/124448\/revisions"}],"predecessor-version":[{"id":124449,"href":"https:\/\/essayparlour.com\/custom-essays\/wp-json\/wp\/v2\/posts\/124448\/revisions\/124449"}],"wp:attachment":[{"href":"https:\/\/essayparlour.com\/custom-essays\/wp-json\/wp\/v2\/media?parent=124448"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/essayparlour.com\/custom-essays\/wp-json\/wp\/v2\/categories?post=124448"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/essayparlour.com\/custom-essays\/wp-json\/wp\/v2\/tags?post=124448"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}