IB Economics - Unit 2 - Supply & Demand

Given the equation: Qd = a -b(p), and increase in Demand would be represented by a(n)

Given Qd = 600 + 10P & Qs = 200 + 30P find the Qd-intercept:

Given: Qs = c + d(p) - what represents producers becoming less sensitive to a change in Price

Given Qd = 30 - 3p & Qs = -10 + 2p - if P = 7 there will be how much excess supply/demand:

Given Qd = 30 - 6p Qs = -20 + 5p find the Qd p-intercept:

If price is set below market equilibrium there will be

Given Qd = 200 - 5p & Qs = -100 + 5P - Price & Quantity Equilibrium are:

There is an inverse relationship between price and quantity demanded by the consumer.

If the price is set above market equilibrium the market is in disequilibrium and there is

Inferior Goods - an increase in income will result 

There is a direct relationship between Price and Quantity Supplied of a good.

Given: Qs = c + d(p) - a decrease in supply is represented by:

Substitute Good - an decrease in Price of Good A will result in what for Good B

Complementary Goods - Increase in the Price of Good A will result in what for Good B?

Given: Qd = a - b(p) - if a consumer becomes more sensitive to a change in price:

How will an increase in demand affect Price and Quantity? 

How will a decrease in Supply affect Market Equilibrium?