Apendix b - Axia College Material Appendix B Price...

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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 shifts left tourists will not want to visit these areas Price and quantity both will decrease Cost of cotton decreases fabric Supply shifts right the cost of production decreases Price decreases, quantity increases Technology improves efficiency in pasta manufacturing Pasta Supply shifts right. Pasta supply increases
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Apendix b - Axia College Material Appendix B Price...

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