1) Below are blank graphs. You are to consider the market info and then draw the curves beginning at equilibrium and then show what happens when the event(s) take place. Also note any changes in price (P) or quantity (Q) -?, + or *- as well as list factor(s), if any, causing the shift(s). (6 x 1 marks-all parts must be correct P Price Price Price Q Q Q Quantity Quantity Quantity Market for Spam when the Reports that kidney beans Chocolate bars experience price of beef and pork contribute to health at the some heavy competition and skyrockets. same time a beetle eats half prices drop in all stores. Factor(s): the annual harvest. Factor(s): Factor(s): P P Price Price Price Q Q Q Quantity Quantity Quantity Technology for making gum Health concerns arise from Raw material costs drop for improves productivity while "street" cannabis affecting pasta while reports state popularity of chewing gum black market cannabis. pasta is very healthy. decreases Factor(s): Factor(s): Factor(s): 2) A change in price of peanuts affects O demand O quantity demanded while a factor such as weather affects O demand O quantity demanded. (2 marks) ECON 2200 Durham College ECON 2200 David Stapley 3) Changes in price result in O movement along the curve O shift of the curve, while factors result in O movement along the curve O shift of the curve. (2 marks) 4) Match the concept with the closest explanation. (6 marks) Concept ? Explanation A law of demand measure of how much Qo changes when price changes B supply point in the market where demand equals quantity supplied C market demand market phenomenon that occurs when supply outstrips demand and sellers generally reduce prices D elasticity change in quantity consumers will purchase when price changes E surplus business willingness to produce a good/service as price covers all opportunity costs F equilibrium total QD of all consumers