Demand and Supply Shifts A right shift is an increase and a left shift is a decrease. b. Fill in the table to show what happens to price and quantity. Price (Increase or Decrease) a. Demand increases Demand decreases Supply increase Supply decrease Change in Non-price Determinant There is an increase in population. Indicate if the change in a non-price determinant will affect the Demand OR Supply of SUVs this month. SUVs and pick up trucks are substitutes. It becomes more profitable to produce trucks. The price of trucks rises. The price of public transportation falls. Price The price of steel used to produce SUVs decreases. Quantity (Increase or Decrease) Does it affect S What happens to Price of or D for SUVs? Does it increase SUVs? or decrease? Quantity What will happen to Qd? Increase or Decrease? What will happen to Qs? Increase or Decrease?
Demand and Supply Shifts A right shift is an increase and a left shift is a decrease. b. Fill in the table to show what happens to price and quantity. Price (Increase or Decrease) a. Demand increases Demand decreases Supply increase Supply decrease Change in Non-price Determinant There is an increase in population. Indicate if the change in a non-price determinant will affect the Demand OR Supply of SUVs this month. SUVs and pick up trucks are substitutes. It becomes more profitable to produce trucks. The price of trucks rises. The price of public transportation falls. Price The price of steel used to produce SUVs decreases. Quantity (Increase or Decrease) Does it affect S What happens to Price of or D for SUVs? Does it increase SUVs? or decrease? Quantity What will happen to Qd? Increase or Decrease? What will happen to Qs? Increase or Decrease?
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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