Access Millions of academic & study documents

Economics Assignment 2

Content type
User Generated
Subject
Business
School
Grantham University
Type
Homework
Showing Page:
1/1
Changes to Supply, Quantity Supplied,
Demand, and Quantity Demanded
Using the table, for each line item and its associated column, describe how the market for each specific product
will be affected by the associated event indicating whether it will rise, fall, or no change. For example, in the
first line item for the market of corn, based upon the event of a severe drought, the price will either rise or fall
or no change, demand curve will shift left (fall) or right (rise) or no change, supply curve will shift left (fall) or
shift right (rise) or no change, quantity demanded will rise, fall, or no change, and quantity supplied will either
rise, fall, or no change.
Event
Market
for:
Price
Demand
Curve
Supply
Curve
Quantity
Demanded
Quantity
Supplied
A severe drought hits the
Midwest corn growers
Corn
The price
will
increase
The demand
curve will not
change
The supply
curve will
shift to Left
There would be
a Fall in the QD
There would
be an increase
in QS
The U.S. government
reduces taxes on imported
lumber
New Home
Building
The price
will
increase
The demand
curve will not
change
The supply
curve will
shift to Left
There would be
a Fall in the QD
There would
be an increase
in QS
The federal government
raises the minimum wage
from $7.25 per hour to
$11.00 per hour
Minimum
wage jobs
The price
will
increase
The demand
curve will
shift to Right
The supply
curve will
shift to Left
There would be
a Fall in the QD
There would
be an increase
in QS
Technology improves for
automobile assembly
Autos
The price
will fall
The demand
curve will
shift to Right
The supply
curve will
shift to Right
There would be
an increase in
the QD
There would
be a Fall in
QS

Sign up to view the full document!

lock_open Sign Up
Unformatted Attachment Preview
Changes to Supply, Quantity Supplied, Demand, and Quantity Demanded Using the table, for each line item and its associated column, describe how the market for each specific product will be affected by the associated event indicating whether it will rise, fall, or no change. For example, in the first ...
Purchase document to see full attachment
User generated content is uploaded by users for the purposes of learning and should be used following Studypool's honor code & terms of service.
Studypool
4.7
Indeed
4.5
Sitejabber
4.4