xeco212_Week 2 checkpoint appendix_b[1]

xeco212_Week 2 checkpoint appendix_b[1] - Axia College...

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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 will be affected because many tourists will not visit the area due to damage or fear Prices will decrease and the quantity will increase. Cost of cotton decreases Cotton market Demand should increase because the cost has decreased. Supply should increase as well because of the demand Price will decrease because the cost has decreased. Technology improves efficiency in pasta manufacturing Pasta Manufacturing Demand should stay the same but supply could increase because the efficiency of manufacturing has improved Price should decrease because efficiency will lower the cost to manufacture the pasta
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This note was uploaded on 08/21/2011 for the course BUS 101 taught by Professor Doe during the Spring '10 term at University of Phoenix.

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xeco212_Week 2 checkpoint appendix_b[1] - Axia College...

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