Use the double drop line tool to show the new equilibrium price and quantity in the market after both of these changes.

Use the double drop line tool to show the new equilibrium price and quantity in the market after both of these changes.

DIAGRAM ILLUSTRATES THE MARKET.

The following diagram illustrates the market for nurses.
Part 1: Americans are living longer and, as a result, need more medical care throughout their lives. Use a line drawing tool to show the effect of this demographic change on either the supply of or demand for nurses. Label the new curve D2 or S2.

Part 2: Suppose that at the same time as this demographic change occurs, more college students decide to major in nursing. Use a line drawing tool to show the effect of this change on either the supply of or demand for nurses. Label the new curve D2 or S2.

Part 3: Use the double drop line tool to show the new equilibrium price and quantity in the market after both of these changes. Label this new point E2.