How is new equilibrium struck when demand or supply curve tends to shift.Explain the chain effect of increase in income of the consumerleading to new equilibrium price anfquantity for a normal good.

1)  New equilibrium is determined by the intersection between the new demand and supply curves. Follow the given link and scroll down to the topic 'Changes in market demand and market supply' to learn this topic.

https://www.meritnation.com/cbse/class12-commerce/studymaterial/economics/introductory-microeconomics/market-equilibrium/338_1984_5822#slide2_market-equilibrium-under-fixed-number-of-firms

2) A similar question has already been answered by our expert.Follow the given link to view the same.

https://www.meritnation.com/ask-answer/question/explain-the-chain-effects-of-increase-in-income-of-buyers-of/economics/2788186

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