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

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More People - Demand Shifts Right

Supply

D1

D2

Q1 Q2

P1

P2

Price increases and Quantity increases

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Earthquake - Supply Shifts Left

Demand

Q1Q2

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P2

Price increases and Quantity decreases

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S1