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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

 

 

Business Economics, Economics

  • Category:- Business Economics
  • Reference No.:- M920819

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