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TOPIC 3 : MARKET EQUILIBRIUM - Coggle Diagram
TOPIC 3 : MARKET EQUILIBRIUM
MARKET EQUILIBRIUM PROCESS
DEFINE MARKET EQUILIBRIUM
VALUE OF EQUILIBRIUM PRICE & EQUILIBRIUM QUANTITY THROUGH:
TABLE METHOD
MATHEMATICAL EQUATION METHOD
Qd=Qs
GRAPHICAL METHOD
MARKET CONDITION
SHORTAGE (EXCESS IN DEMAND)
SURPLUS (EXCESS IN SUPPLY)
GOVERNMENT INTERVENTION
CEILING PRICE/MAXIMUM PRICE
FLOOR PRICE/MINIMUM PRICE
EFFECTS OF DEMAND & SUPPLY CHANGES TO MARKET EQUILIBRIUM
EFFECTS OF CHANGES IN SUPPLY
EFFECTS OF CHANGES IN DEMAND & SUPPLY IN EQUAL MAGNITUDE
EFFECTS OF CHANGES IN DEMAND
EFFECTS OF CHANGES IN DEMAND & SUPPLY IN UNEQUAL MAGNITUDE
