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xeco212 appendix b - XECO/212 Assignment Appendix B La Shay...

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XECO/212 Assignment: Appendix B La Shay Hickmon XECO/212 March 28, 2012 Instructor: Don MacLean xeco212r1
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Associate Level 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, Tourist will stay away from these areas. Price and quantity both decrease. Cost of cotton decreases Fabric Supply shifts right.
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