Price Quantity 5. Changes in Market Equilibrium Step 1. Draw the supply and demand diagram Step 2. Identify the factor that change the market Step 3. Which side of the market got affected, D or S? Increase or decrease? Step 4. Indicate the change in the diagram Step 5. Report the change in equilibrium price and equilibrium quantity Case 1. How would an increase in income affect the restaurant meals market? Case 2. What would happen to the cheese market if the price of milk increases?
Price Quantity 5. Changes in Market Equilibrium Step 1. Draw the supply and demand diagram Step 2. Identify the factor that change the market Step 3. Which side of the market got affected, D or S? Increase or decrease? Step 4. Indicate the change in the diagram Step 5. Report the change in equilibrium price and equilibrium quantity Case 1. How would an increase in income affect the restaurant meals market? Case 2. What would happen to the cheese market if the price of milk increases?