Looking at the market for Sacramento Kings Coffee Mugs: Draw supply and demand curves that follow the laws of supply and demand. Label the curves S and D, and label the equilibrium E. Also label the equilibrium quantity and equilibrium price. Suppose the Kings win the NBA championship, which is a big surprise, show what would happen on your graph (& labels) and explain it in words.
Follow the directions to create graphs and explanations.
- Looking at the market for Sacramento Kings Coffee Mugs:
Draw supply and demand
- Looking at the market for chocolate chip cookies:
Draw supply and demand curves that follow the laws of supply and demand. Label the curves S and D, and label the equilibrium E. Also label the equilibrium quantity and equilibrium price.
Suppose the cost of chocolate chips goes up, show how this will affect the graph (& labeling) and explain it in words.
For the next two, draw a little graph to show your work and fill in each of the blanks correctly with one of the following words: increase, decrease, demand or supply.
- Product: Jelly
Headline/Situation: Peanut Butter price goes up
a(n) ____________ in ____________; ___________ in eq. price & __________ in eq. quantity.
- Product: Automobiles
Headline/Situation: Auto workers union goes on strike
a(n) ____________ in ____________; ___________ in eq. price & __________ in eq. quantity.
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