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Help I need to know the shift in supply and demand?
Complete the following matrix. An example is provided.
EventMarket affected by eventShift in supply, demand, or both. Explain your answer.Change in equilibrium
Frozen orange crops in CaliforniaOrange juiceSupply (left)—Not as many available oranges to offer consumers.Price will increase and quantity will decrease.
Hurricanes in the Gulf CoastGulf Coast tourism
Price of hot dogs increasesHamburger
Price of sugar increasesCandy
New auto company opens in DetroitAutomobile
War in Middle EastGasoline
Movie theaters increase admission pricesVideo rentals
Very trendy designer handbag manufacturer enters the marketHand bags
Cost of cotton decreasesTextiles
Tennis racquets decrease in priceTennis balls
Technology improves efficiency in pasta manufacturingPasta
D=deman - S=Supply - P=price - Q quantity
Hurricanes in the Gulf Coast Gulf Coast tourism:
D (left) not so many ppl will want to go on tour if there is a hurrican. P will decrease and Q will decrease
Price of hot dogs increases Hamburger:
D for hamburgers will increase becase hambugers surve as a subsitute to hot dogs so the P will increase so will the Q
Price of sugar increases Candy
S (left) for candy will decrease because sugar is a main component in the making of candy and the P of candy will increase while the Q will decrease
New auto company opens in Detroit Automobile:
S (right) for autos will increase because a new supplier entered the market so the P will decrease and the Q will increase
War in Middle East Gasoline:
S (left) decrease because there will be trouble in producing and exporting the gas so the P will increse and the Q will decrease
Movie theaters increase admission prices Video rentals:
D of video rental will increase (right) because they will surve as a subsitute to the movie theater so P will increase and the Q will increase
Very trendy designer handbag manufacturer enters the market Hand bags
S (right) increase because a new competetor entered the market so P will decrease and the Q will increase
Cost of cotton decreases Textiles
S (right) increase cuz manufacturesrs can produce more clothings so P will decrease and Q will increase
Tennis racquets decrease in price Tennis balls
D (right) increase because more ppl will be be buying tennis full equipment because they are both compatable or a completer to the other so P will decrease and Q will increase of tennis balls
Technology improves efficiency in pasta manufacturing Pasta
S (right) will increase because pasta makers will be more able to produce pasta more effeciantly so P will decrease and and Q will increase
GOOD LUCK
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