**Supply and Demand Graphs Activity****Instructions:**For the next two scenarios, draw a small graph to show your work and fill in each of the blanks correctly using one of the following words: increase, decrease, demand, or supply.**Scenario 1:****Product: Salsa****Headline/Situation:** Tortilla Chips go on sale so their price goes down.___(i)___ in **demand** ; ___(ii)___ in equilibrium price & ___(iii)___ in equilibrium quantity.**Scenario 2:****Product: Automobiles****Headline/Situation:** Auto workers union goes on strike.___(iv)___ in **supply** ; ___(v)___ in equilibrium price & ___(vi)___ in equilibrium quantity.**Explanation:**In Scenario 1 (Salsa), the sale on tortilla chips will likely increase the demand for salsa, leading to changes in its equilibrium price and equilibrium quantity. You need to determine whether these will increase or decrease based on economic principles.In Scenario 2 (Automobiles), a strike by the auto workers union affects the supply of automobiles. You need to analyze how this will affect the equilibrium price and quantity in the market for automobiles.**Graphical Analysis:**Draw small supply-demand graphs for both scenarios to illustrate the changes:- **Scenario 1:** Show the demand curve shifting.- **Scenario 2:** Show the supply curve shifting.**Educational Goal:**This activity is designed to help students understand how external factors (like sales or strikes) can affect supply and demand in various markets, influencing prices and quantities.

"Demand curve indicates an inverse relationship between price of a product and quantity demanded of…

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. 3. Product: Salsa Headline/Situation: Tortilla Chips go on sale so their price goes down a(n) in in eq. price & in eq. quantity. 4. Product: Automobiles Headline/Situation: Auto workers union goes on strike in a(n) in eq. quantity. in eq. price &

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. 3. Product: Salsa Headline/Situation: Tortilla Chips go on sale so their price goes down a(n) in in eq. price & in eq. quantity. 4. Product: Automobiles Headline/Situation: Auto workers union goes on strike in a(n) in eq. quantity. in eq. price &

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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