Increase in income of the consumer leads to rightward shift in demand curve of pencils due to which the equilibrium price and quantity rises Decrease in the price of ink pen leads to leftward shift in demand curve of pencil due to which the equilibrium price and quantity falls The start of school year leads to rise in demand of pencil therefore the demand curve shifts rightward which increases equilibrium quantity and price New technology reduces the cost of producing pencils it encourages producers to produce more to earn a handsome profit it leads to rightward shift in supply curve of pencils
Hope you’re doing well, Bhavesh! The Law of Supply claims that the quantity supplied of a commodity, keeping all the other factors constant, amps up when the price of the commodity increases. Hence, the quantity supplied shows a positive relationship with the price of a commodity - reflecting a ‘movement along the supply curve’. On the contrary, when you keep the price as the constant determinant and reckon the rest of the factors such as the Inputs, Cost of Technology and Number of Sellers - due to which the possible ‘shift’ might’ve taken place, you get a Shift (Leftward/Rightward) from the Supply curve.
Increase in income of the consumer leads to rightward shift in demand curve of pencils due to which the equilibrium price and quantity rises
Decrease in the price of ink pen leads to leftward shift in demand curve of pencil due to which the equilibrium price and quantity falls
The start of school year leads to rise in demand of pencil therefore the demand curve shifts rightward which increases equilibrium quantity and price
New technology reduces the cost of producing pencils it encourages producers to produce more to earn a handsome profit it leads to rightward shift in supply curve of pencils
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Thank you so much. Best Wishes !
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Thank you!
#Supply
Thank you so much Ma'am
Dii I got confused in between quantity supplied and supply?
Hope you’re doing well, Bhavesh!
The Law of Supply claims that the quantity supplied of a commodity, keeping all the other factors constant, amps up when the price of the commodity increases. Hence, the quantity supplied shows a positive relationship with the price of a commodity - reflecting a ‘movement along the supply curve’.
On the contrary, when you keep the price as the constant determinant and reckon the rest of the factors such as the Inputs, Cost of Technology and Number of Sellers - due to which the possible ‘shift’ might’ve taken place, you get a Shift (Leftward/Rightward) from the Supply curve.
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Yes. We are also following Mankiew