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Question:

How are the equilibrium price and quantity affected when?

(a) Both demand and supply curves shift in the same direction?

(b) Demand and supply curves shift in opposite directions?

Answer:

When both the demand and supply curves shift in same direction then following will happen:

Cases

Equilibrium Price

Equilibrium Quantity

Increase in demand is equal to increase in supply.

Unchanged

Increases

Increase in demand more than increase in supply

Increases

Increases

Increase in demand less than increase in supply

Falls 

Increases

Decrease in demand equal to decrease in the supply

Unchanged 

Falls

Decrease in demand more than the decrease in supply

Falls

Falls

Decrease in demand less than decrease in supply

Increases

Falls

(b) Demand and supply curves shift in opposite directions?

Cases

Equilibrium Price

Equilibrium Quantity

Increase in demand is equal to decrease in supply.

Increase

Unchanged

Decrease in demand more than increase in supply

Unchanged

Increases

Decrease in demand less than increase in supply

Decreases

Increases

Decrease in demand is more than increase in the supply

Decrease

Decrease

Increase in demand less than the decrease in supply

Increase

Decrease

Increase in demand more than decrease in supply

Increases

Increase

 


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