That wasn t too smart of them. It s inelastic, because revenue rises when price increases. Shifts out, to the right. Pencils, Beef, Shell Gasoline. Supply shifts left, price increases, quantity decreases.
Demand shifts right, price and quantity increase.
Supply shifts left, price increases, quantity decreases. Supply shifts right, price decreases, quantity increases. Price is only partly passed through in the short run. The dollar must have become weaker, relative to the rupee 7. Heterosexuals have higher wages, the demand for them is greater.