Appendix B - Supply & Demand

Appendix B - Supply & Demand - Axia College Material...

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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 Oil and Gas production Supply – will be low and the demand will be high as the production drops while a storm is in the Gulf The price of the Oil and Gas will rise as a result of a low supply Cost of cotton decreases Cotton Supply – lower when the crops get to much rain The price will rise as a result of the lower production of the cotton. Technology improves efficiency in pasta manufacturing Pasta Demand – the different styles of pasta offered will demand more pasta to be
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This note was uploaded on 03/05/2011 for the course XECO 212 taught by Professor Cohen during the Spring '10 term at University of Phoenix.

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Appendix B - Supply & Demand - Axia College Material...

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