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- Create at least one graph that shows the demand curve, the supply curve, shifts in demand and/or supply curve, changes in equilibrium quantity and equilibrium price, price ceilings and/or price floors. You don’t need to look for any statistical data regarding quantities or prices for the product.Does a huge supply of a product lower or higher the price of a product?What would cause an increase in quantity supplied?
- Explain what causes changes in supply and quantities suppliedChoose a commodity (a good or a service) that you are familiar with and discuss how and when demand and supply have changed (shifted) for this commodity.Serious natural disasters like hurricanes and tornadoes cause widespread and extensive damage to buildings. As a result of a natural disaster, what would you expect to happen in the market for building supplies? Describe
