Directions: Event #1: Listed below are 10 events which could have some influence on the supply and demand of a product. On a clean sheet of paper, clearly label each event and record your answers. Read each of these events, and decide which factors that affect either consumers or sellers (utility, buying power, price of other goods and services, consumers, cost of production, number of producers, future prices, disasters and emergencies, government, or technology) (use I for each "event") are represented. You will also need to identify which group (consumers or sellers) it would influence. Event #2: Event #3: A company introduces a new product intended to help college students improve their ability to take tests. The corn crop in one state was damaged by heavy rains and floods. One pair of jeans looks the same as another pair but costs much less.

Directions: Event #1: Listed below are 10 events which could have some influence on the supply and demand of a product. On a clean sheet of paper, clearly label each event and record your answers. Read each of these events, and decide which factors that affect either consumers or sellers (utility, buying power, price of other goods and services, consumers, cost of production, number of producers, future prices, disasters and emergencies, government, or technology) (use I for each "event") are represented. You will also need to identify which group (consumers or sellers) it would influence. Event #2: Event #3: A company introduces a new product intended to help college students improve their ability to take tests. The corn crop in one state was damaged by heavy rains and floods. One pair of jeans looks the same as another pair but costs much less.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Concept explainers

Normal and Inferior Goods

Understanding a normal good and an inferior good is important because it tells us what will happen to demand different products during booms and recessions.

Question

5.01 EC11_Effect on Supply and Demand WS
VPN 11%
Done
EFFECTS ON SUPPLY AND DEMAND
Directions:
Event #1:
Listed below are 10 events which could have some influence on the supply and
demand of a product. On a clean sheet of paper, clearly label each event and record
your answers. Read each of these events, and decide which factors that affect
either consumers or sellers (utility, buying power, price of other goods and services,
consumers, cost of production, number of producers, future prices, disasters and
emergencies, government, or technology) (use I for each "event") are represented. You
will also need to identify which group (consumers or sellers) it would influence.
Event #2:
A company introduces a new product intended to help college students improve
their ability to take tests.
The corn crop in one state was damaged by heavy rains and floods.
Event #3:
One pair of jeans looks the same as another pair but costs much less.
Event #4:
A candy manufacturer gives large pay increases to employees to prevent a strike.
Event #5:
All of the high school students in one area are buying the same smartphone.
Event #6:
Event #7:
A young executive buys a sports car because it is being sold at clearance price.
A family purchases an expensive home in an exclusive neighborhood when the
breadwinner gets a major promotion and pay raise.
Event #8:
Two new companies begin manufacturing video games.
Event #9:
A toy company installs a computerized assembly system.
Event #10:
A new law is passed which increases taxes on imports.
LAP-EC-011-CS C2014, MBA Research and Curriculum Center®
It's the Law 1

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Step 1: Introduce shifts in demand and supply curves

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