Supply and Demand - Axia College Material Appendix B Price...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
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 The tourism market in the Gulf Coast is affected by hurricanes. Demand will shift left. Tourist will not go to areas struck by hurricanes. The price and quality will both decrease Cost of cotton decreases When the cost of cotton decreases the fabric and clothing market is affected. Supply will shift right.
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 10/15/2011 for the course XECO/212 XECO/212 taught by Professor Troymahone during the Spring '11 term at University of Phoenix.

Page1 / 2

Supply and Demand - Axia College Material Appendix B Price...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online