Task 1: Explanation and Analysis Identify changes in market conditions and their

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Task 1: Explanation and Analysis

Identify changes in market conditions and their effect on equilibrium price and quantity for the following events: All events occur in the market for dental services. That is where the final good, dental services, are sold to consumers.

Event 1: The wages for all dental assistants increase, increasing the costs of inputs.
Answer the following questions:
A. Determine whether demand or supply changes, or both.
In the given event above, think about how dental assistants are related to dental services. Are they part of production or consumption? Once you have decided if they are part of production or consumption, state whether supply or demand has changed.
B. Determine whether the change is an increase or a decrease.
Before you answer, read the event again and see which determinant has changed. Then decide if that change results in an increase or a decrease.
C. Show the change in demand and/or supply on the graph of the initial equilibrium. (You will have one graph for each event.)
There is a graph showing the initial equilibrium in the Week 2 lesson. Once you have shown the initial equilibrium, in the same graph, you must show the change you decided upon in part A and B above.
Important: The grapher is required. It is not optional. You will earn no credit for using any other graphing utility.
D. Identify the result on the equilibrium price and quantity of dental services.
On the graph, show the two equilibrium points using the point plotting tool and a label. Do not forget to label each axis and each line.
Once you have shown that on your graph, you must state what happened to equilibrium price and quantity.
E. Insert the graph into a Word document. To paste the graphed image on a Word document, press and hold

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