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700 Price ($) 600 500 400 300 200 D2 100 D1 0 20 40 60 80 100 120 140 Quantity of Wool c) How would you describe the change in demand? An increase in demand (and the demand curve has shifted right). A decrease in demand (and the demand curve has shifted left). 

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c) How would you describe the change in demand?
An increase in demand (and the demand curve has shifted right).
A decrease in demand (and the demand curve has shifted left).
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700 Price () 600 500 400 300 200 D2 100 D1 0 20 40 60 80 100 120 140 Quantity of Wool c) How would you describe the change in demand? An increase in demand (and the demand curve has shifted right). A decrease in demand (and the demand curve has shifted left).

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Principles of Economics
Principles of Economics
Gregory Mankiw 8th Edition
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Quantity of Wool c) How would you describe the change in demand? An increase in demand (and the demand curve has shifted right). A decrease in demand (and the demand curve has shifted left). 700 600 Price($) 500 400 300 D2 ok 200 100 DT 80 100 120 140 ices 20 40 60 Quantity of Wool c) How would you describe the change in demand? An increase in demand (and the demand curve has shifted right) O A decrease in demand (and the demand curve has shifted left)
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Transcript

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00:01 Let's go over this question.
00:17 So we have supply and demand for wool.
00:25 The initial price is $20 per unit.
00:32 Initial quantity is 100 units.
00:48 So what happens when there is a decrease in price? so we're going down to a lower price.
00:57 So we can see that the quantity is also going to decrease.
01:02 For each 1 % decrease, the quantity supplied decreases by 1%...
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