Answer to Question #155377 in Microeconomics for m hammad

Question

Suppose you are working in a laptop selling company as general manager, due to Covid-19 situation, all the schools, colleges, Universities has shifted their classes online (zoom, Google classroom etc), due to this situation the Company owner discuss the following future situations regarding shifting of demand and supply of the laptops, the owner required some graphical explanation (shifting of demand and supply curves in each situation) and interpretation of each situation:

1-           Draw a market situation which indicates the equilibrium price and quantity of Laptop.

Answer 1

1. A market situation which indicates the equilibrium price and quantity of Laptop can be shown as intersection of the supply and demand for laptops curves, the equilibrium price and quantity are in this intersection point.