Eco 212 Week 2 Appendix A

517 words - 3 pages

Axia College Material
Appendix A

Answer the following questions.

1. If the price of a good increases, what happens to the quantity demanded? When Prices increase people tend to buy less.
2. If the price of a good decreases, what happens to the quantity supplied? When prices decrease then so does the supply because they don’t want people to buy at the lower cost.
3. Does a change in price create curve shifts? Explain. Honestly I’m not sure; I would think that if a price goes up then yes it would but if a price went down it wouldn’t.

Complete the following matrix. An example is provided.

|Event |Market affected by event |Shift in supply, ...view middle of the document...

|
|Price of hot dogs increases |Hamburger |Demand (right) demand for |the price will stay the same |
| | |hamburger will go up |because the price of hot dogs |
| | | |has gone up. |
|Price of sugar increases |Candy |Supply (left), because the price|Price will increase because it |
| | |of sugar going up it will cost |will cost more to make the |
| | |more to make candy |candy, but the demand will go |
| | | |down because no one wants to |
| | | |pay more. |
|New auto company opens in Detroit |Automobile |Supply (right), because it will |Prices go down to try to keep |
| | |cause competition with the other|customers because of the new |
| | |companies |company, and there will be more|
| | | |avalible |
|War in Middle East |Gasoline |Supply (left) there will be less|Price goes up and supply also |
| | |gas available but the demand |goes down |
| | |will stay the same | |
|Movie theaters increase admission |Video rentals |Demand (right), people might |Price goes up and so will...

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