Appendix B Week 2 - 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 (left) tourists will stay away from this particular area. Price and Quantity both decrease. Cost of cotton decreases Fabric Supply Shifts (right) production cost decreases. Prices will decrease and quantity will increase. Technology improves efficiency in pasta manufacturing Pasta Supply shifts (right) pasta supply increases. This is a result of technological improvement. Price will decrease
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This note was uploaded on 02/28/2012 for the course ECONOMICS XECO 212 taught by Professor Tsilis during the Spring '09 term at University of Phoenix.

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Appendix B Week 2 - Axia College Material Appendix B Price...

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