Illustrate what happens to demand if the price of a good, Ask an Expert

Economics

Answer the following problems.

1. If the price of a good increases, Illustrate what happens to demand?

2. If the price of a good decreases, what happens to supply?

3. Does a change in price create curve shifts? describe.

Complete the following matrix. An ex is provided.

Event	Market affected by event	Shift in supply, demand, or both. describe your answer.	Change in equilibrium
Frozen orange crops in California	Orange juice	Supply (left)-Not as many available oranges to offer consumers.	Price will increase and quantity will decrease.
Hurricanes in the Gulf Coast	Gulf Coast tourism
Price of hot dogs increases	Hamburger
Price of sugar increases	Candy
New auto company opens in Detroit	Automobile
War in Middle East	Gasoline
Movie theaters increase admission prices	Video rentals
Very trendy designer handbag manufacturer enters the market	Hand bags
Cost of cotton decreases	Textiles
Tennis racquets decrease in price	Tennis balls
Technology improves efficiency in pasta manufacturing	Pasta

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M920819

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