Steps to analyze modifications in equilibrium
What are the Steps to analyze modifications in equilibrium?
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Steps to analyze modifications in equilibrium:
1. Choose whether the event shifts the supply or demand curve or maybe both.2. Choose in which direction the curve shifts.3. Utilize the demand-supply diagram to view how the shift modifies the equilibrium price and quantity.
Determine the value of MPC whenever MPS is zero? Answer: Whenever MPS = 0, MPC = 1 – 0 = 1.
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