Xeco212 Appendix B Essay

721 WordsAug 4, 20123 Pages
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. |Change in equilibrium | | | |Explain your answer. | | |Frozen orange crops in California |Orange juice |Supply (left)—Not as many available |Price will increase and quantity will | | | |oranges to offer consumers. |decrease. | |Hurricanes in the Gulf Coast |Oil and seafood |Supply (left)—Not as much oil or |Price will increase and quantity will | | | |seafood available to offer consumers. |decrease | |Cost of cotton decreases |Clothing |Supply (right) – More clothing |Price will decrease and quantity will | | | |available to offer consumers |increase. | |Technology improves efficiency in |Pasta or pasta related products | Supply (right) – More pasta or pasta |. Price will decrease and quantity | |pasta manufacturing |supermarket foods,

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