Me Too

In: Philosophy and Psychology

Submitted By mariankelsey
Words 577
Pages 3
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. |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 refineries, Petroleum industry |Production of oil stops. Supply |Prices increase due to instability in |
| | |forecast decreases (shifts left) and |forcasting productions. |
| | |demand remains | |
|Cost of cotton decreases |Clothing/Textiles |Supply increases (shifts Right)/ demand|Prices will continue to drop. Cotton |
| | |remains the same |will stock pile |
|Technology improves efficiency in |Pasta…...

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