Quiz 1 answers

Post on 12-Apr-2017

196 views 0 download

Transcript of Quiz 1 answers

Quiz 1 Answers 1. What does it cost to ship an iPhone from China to the U.S.? 54 cents - see blog story 2. What happens when more people move into a neighborhood? Please graph. Shift in Demand to the right or increase

3. What happens when an earthquake happens? Please graph. Shift in Supply to the left or decrease

0

10

20

30

40

50

60

70

80

90

100

0 1 2 3 4 5 6 7 8 9 10

Price

Quantity

More People - Demand Shifts Right

Supply

D1

D2

Q1 Q2

P1

P2

Price increases and Quantity increases

0

10

20

30

40

50

60

70

80

90

100

0 1 2 3 4 5 6 7 8 9 10

Price

Quantity

Earthquake - Supply Shifts Left

Demand

Q1Q2

P1

P2

Price increases and Quantity decreases

S2

S1