Survey
* Your assessment is very important for improving the workof artificial intelligence, which forms the content of this project
Download ap-econ-extra-practice-s-and-d
Transcript
AP ECON EXTRA PRACTICE FOR S & d with answers 1- create a supply and demand graphs 2- determine which curves would shift 3- determine how price and quantity are affected A-market: gasoline; situation-2 oil supertankers collide Supply decreases—less “sellers” as oil is spilled and not in market Equilibrium price goes up and quantity decreases b-market: taxi service transportation situation: local subway workers go on strike substitute products; increased demand for taxi service so demand increases so equilibrium price and quantity increase c-market: bike helmets situation: price of bicycles goes down helmets & bikes are complements; if price of bikes declines, the quantity demanded of bikes rises so you need more helmets to go with your bikes increased equilibrium price and increased quantity d-market-Oreo cookies situation: the price of milk increases people buy less milk (decreased quantity demanded) so demand less cookies to go with (complements) decreased equilibrium price and quantity e-market: hot dog buns situation: the price of flour rises and the surgeon general tells the US that hot dogs are “good eats” flour is a resource for suppliers—if flour is more expensive, decrease supply increased demand because of tastes & preferences for hot dogs increased—need buns for your hot dogs increased equilibrium price and undecided equilibrium quantity because shifts are opposite.
