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Supply and Demand Objective: To understand how the supply and demand curve shifts Warm-Up 1) How are the supply schedule and supply curve related? Why does the supply curve slope upward? 2) Draw a graph with both supply and demand curves. Suppose the price of sugar goes up because of a hurricane. What happens to the supply of ice cream? Show the curve shift. Supply Shifts Market for Leather Jackets New Sewing Machines Developed Supply shifts to the right because of a change in technology Leather Manufacture goes out of Business Supply shifts to the left because of a decrease in the number of suppliers/producers Price of Lining Material Rises Supply shifts to the left because of rising input costs Tariffs on Imported Leather Jackets, Impact on Imports Supply shifts left because of a change in government policies Mad Cow Disease Hits US Supply shifts to the left because of a natural disaster, cows will be destroyed, rather than come to the market Shifts in Supply or Demand Curve Draw a correct graph, showing which curve shifted and what happened to price and quantity. Market: Coffee Bountiful crop of Coffee Beans Supply increases, shifts to the right Price falls, quantity increases Market: Automobile Industry Workers in the Automobile Industry receive a pay raise. Supply shifts to the left because of input costs rising Price increases, quantity falls Market: Computer software Price of personal computers fall Demand shifts to the right because of the price of a complement falls Price rises, quantity increases Market: Pepsi Cola Price of Coca Cola rises Demand for Pepsi increases because the price of a substitute good rises price increases, quantity increases Market: Second Hand Clothing National Incomes Rise Demand shifts to the left because the change in income causes a decrease in demand for an inferior good price falls, quantity falls Market: Automobile Industry Government gives GM and Chrysler a subsidy Supply shifts to the right because of a change in government policies price falls, quantity increases Market: Corn Price for irrigation equipment falls Supply increases because of a change in technology price falls, quantity increases Market: Any normal good American’s Income falls 3 months in a row Demand increases because incomes rising and increase in demand for normal goods price falls, quantity decreases Market: TV Manufacturing American TV production closes its manufacturing plant Supply shifts left because of decrease in number of producers in the market price increases, quantity falls Market: Any Inferior Good American’s income rises 3 months is a row Demand decreases because as incomes rise, there is a decrease in demand for inferior goods price falls, quantity falls