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Thursday 4 April 2013

Supply and Demand Assignment

Supply and Demand Assignment? prognosticate http://www.bized.co.uk/learn/ economic science/markets/mechanism/interactive/part1.htm and read the material posted rough picture and motive. Explore the concepts of supply and demand by victimisation the interactive features on the graphs. Use the questions following the diagrams to guide your exploration. Visit parts 1, 2, & 3 of the Web site.

? Fill in the matrix and answer the questions in Appendix C. Describe how changes in legal injury and/or beat of various slap-ups and services ordain affect either supply or demand and the residue price. Use the graphs from the interactive activity as a spear to help you visualize the changes in price and bar.

1.If the price of a penny-pinching increases, what happens to demand?The demand would decrease. The amount of decrease would be determined by the price elasticity of demand of the good.

2.If the price of a good decreases, what happens to supply?The supply would drop because consumers would ware advantage of the savings.

3.Does a change in price bring to pass bring down shifts? Explain.

Yes, it is possible for price change to create curve shifts?for instance: a demand curve would solving when a price increase in a good or service would cause a decrease in the quantity demand of that good or service where as a price decrease in a good or service would cause an increase in the quantity demand of that good or service.

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A supply curve would result when a price increase in a good or service causes an increase in quantity supply whereas a price decrease would in a good or service causes a decrease in quantity supply.

EventMarket affected by eventShift in supply, demand, or both. Explain your answer.Change in equilibriumFrozen orange crops in CaliforniaOrange juiceSupply (left)?Not as many useable oranges to offer consumers.Price will increase and quantity will decrease.

Hurricanes in the Gulf...

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