Appendix B XECO 212 - Axia College Material Appendix B...

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Axia College Material Appendix B Price Elasticity and Supply & Demand Fill in the matrix below and describe how changes in price or quantity of the goods and services affect either supply or demand and the equilibrium price. Use the graphs from your book and the Tomlinson video tutorials as a tool to help you answer questions about the changes in price and quantity Event Market affected by event Shift in supply, demand, or both. Explain 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 Tourism Demand (left) because not as many people are going to want to travel there due to the hurricanes. Price will decrease and so will the quantity. Cost of cotton decreases Textiles Supply (right) as there is a decrease in input costs (more clothing will be made) Price will decrease and quantity will increase. Technology improves
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This note was uploaded on 03/28/2010 for the course XEOC 212 taught by Professor Ripley during the Spring '10 term at University of Phoenix.

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Appendix B XECO 212 - Axia College Material Appendix B...

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