Supply
When supply increases what way does the supply curve shift?
To the Right.
When Demand decreases what way does the demand curve shift?
For this answer draw answer on board answering if supply or demand will change and why and what happens to price and quantity.
Famous athletes start endorsing Levi Jeans. (Levi Jeans)
demand curve shift right consumer taste price quantity both up.
When there are no subsitutes for a good is it likely to be elastic or inelastic?
inelastic.
If the market equilibrium price for rent in Chicago is 1500 dollars what could happen if a price ceiling for rent is set at a 1000 dollars?
You could get a shortage since the ceiling is set below the equilibrium.
When the price of lawnmowers goes up what happens to the supply or quantity supplied of lawnmowers?
Nothing happens to the supply the quantity supplied increases.
When Peter Pan peanut butter decreases in price what happens to demand for Jif Peanut Butter and for what reason?
Demand down related good substitutes .
For this answer draw answer on board answering if supply or demand will change and why and what happens to price and quantity.
The cost of denim, the material used to make jeans, has dramatically increased. (Levi Jeans)
Supply shifts to the left input cost, price up quantity down.
Why are Doritos an elastic good?
there are many substitutes so consumers will do some comparison shopping.
If the market equilibrium price for chicken is 2 dollars a pound and the government wanted to help chicken farmers by setting a price floor at 5 dollars a pound what could happen as a consequence?
With the price floor set at 5 dollars above equilibrium you would likely get a surplus of chicken.
Name a reason that the supply curve for Florida oranges would shift to the left.
Answers will vary could include disease, bad weather etc.
If prices for smartphones is expected to go up in two months which way does the demand curve shift now and for what reason?
Right expectation of future price.
For this answer draw answer on board answering if supply or demand will change and why and what happens to price and quantity.
By the end of the 2000's it was shown that a glass of orange juice contains as much sugar as a glass of of soda
Demand down shift left consumer taste price down quantity down.
If I run a business why would I want to have inelastic demand for my products?
I want inelastic demand because this means when I raise my prices I make more money.
Why has the Supply Curve for sedans (4 door cars) in the U.S. shifted to the left?
Related goods automakers realize they can make more selling SUV's and trucks.
In 2002 the American Heart Association dropped their guideline of telling Americans to not eat more than 3 eggs a week to limit high cholesterol. What effect did this have on egg demand and why?
Demand shifted to the right due to consumer taste.
For this answer draw answer on board answering if supply or demand will change and why and what happens to price and quantity.
Jelly makers start switching their production to healthier fruit products because those products can be sold for a higher price. (Jelly)
supply down related good price up quantity down.
Math question- If Bluebell ice cream increases its price from 4 to 5 dollars and demand goes from 30 to 20 what is the elasticity of the product?
1.33333333 good is elastic.
If wheat farmers are given a subsidy what happens to the supply of wheat and why? Show answer on board
Answer on board.
The price of cream cheese has risen show on the board what happens to the demand curve for bagels and why.
Answer on board