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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 Businesses destroyed by hurricanes Supply businesses can not supply consumers anymore if the business is destroyed Prices of items will increase Cost of cotton decreases Clothing Supply and demand supply will increase and demand will decrease Price of cotton decreases so the quantity will increase as well Technology improves efficiency in pasta
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xeco212_appendix_b[1] finished - Axia College Material...

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