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I need help explaining these graphs.

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This answer provides you an excellent discussion on graphs.

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a) I would describe the graph as a decrease in demand. The reason is that the demand curve has shifted to the left. This means that at the same price a lower quantity is demanded. For instance if the quantity demand at price $4 was 200, now the quantity demanded is zero. The factors that could have caused this change is a change in consumer preferences, or it can be a decrease in the number of customers in the market. Other factors for the decrease in demand are changing fashions, decrease in income, market expectations, and price changes in complementary and substitute goods. For instance, if the price of substitute goods decreases, there can be a decrease in demand.

b) This graft shows a decrease in quantity demanded. The reason for decrease ...

Solution provided by:
Hatim Baxamusa, MBA
Education
  • BSc , University of Calcutta
  • MBA, Eastern Institute for Integrated Learning in Management
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