The information below represents the market demand and supply schedules for Smartphones - Leaving Cert Economics - Question 2 - 2015

Next, plot the quantity supplied against the price points in the schedule. Connect these points with an upward-sloping line, showing the direct relationship between price and quantity supplied. Label this curve as 'S/C'.

Locate the intersection point of the demand curve (D/C) and the supply curve (S/C) on your graph. This point indicates the market equilibrium price (P1) and the equilibrium quantity (Q1). From the data provided, you can determine that at a price of €300, the quantity demanded and supplied are equal at 30,000 units.

The supply curve (S/C) will shift.

The supply curve will shift to the left.

This shift occurs because a recall indicates that fewer smartphones will be available in the market due to defects, thus decreasing the supply.

The demand curve (D/C) will shift.

The demand curve will shift to the right.

The demand curve shifts right because the introduction of new, desirable features enhances the appeal of the smartphones, increasing consumer demand at all price levels.

1. Revenue Generation: Introducing water charges helps generate revenue for local governments to fund water supply systems and infrastructure. This is essential for maintaining and improving service provision.
2. Encouragement of Conservation: By imposing charges, households are incentivized to conserve water, thus promoting sustainable usage and reducing waste.

Households might experience a lower standard of living due to increased water bills. Higher monthly expenses can lead to reduced disposable income, which affects households' ability to spend on other essential goods and services.

The Irish Government may face reduced consumer spending as households allocate more of their income to pay for water charges. This could result in decreased economic growth since less money is available for consumption in other areas of the economy.