The information below represents the quantity demanded and the quantity supplied at different prices for sandwiches in a school canteen - Leaving Cert Economics - Question 2 - 2019

Similarly, plot the quantity supplied against the price from the table. Connect these points in an upward-sloping curve indicating the law of supply, which shows that higher prices result in an increase in quantity supplied. Label this curve as S/C.

The equilibrium price (Pᵉ) occurs where the demand and supply curves intersect. From the graph, identify the intersection point, which indicates both the equilibrium price and quantity. For instance, it may occur at a price of €4.00, with an equilibrium quantity (Qᵉ) of 300 units.

In the scenario concerning the increase in the cost of ingredients for the sandwiches, the supply curve will shift.

The supply curve will shift to the left due to the increase in production costs, which makes it less profitable for suppliers.

The shift to the left occurs because higher production costs reduce the quantity supplied at each price level. In this case, suppliers would decrease output since their profits are squeezed, leading to a decrease in the overall market supply.

In the situation concerning an additional 200 students visiting due to an athletics competition, the demand curve will shift.

The demand curve will shift to the right as the increased student population will heighten the need for sandwiches.

The rightward shift indicates an increase in demand because more students will create a larger market for sandwiches. This additional demand usually leads suppliers to raise prices and increase quantity supplied to meet the new demand level.