Using supply-and-demand diagrams, show the effect of the following events on the market for solar panels....

Using supply-and-demand diagrams, show the effect of the following events on the market for solar panels. Do the following for each example: 1) Explicitly write which curve moves. 3) Explicitly write which direction it moves in. 4) Explicitly write what happens to equilibrium price. 5) Explicitly write what happens to equilibrium quantity. Note: Drawing the diagrams is not required for the exam, but doing so should still help you to answer the question.
1. (a) (4 points) There is an increase in the price of silicon wafers used to make solar panels.
2. (b) (4 points) There is an increase in the price of coal-fired electricity.
3. (c) (4 points) More Americans want to put solar panels on their rooftops.
4. (d) (4 points) The technology behind producing solar panels mysteriously becomes worse.

Expert Solution

Rahul Sunny answered 2 years ago

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