D2 6 D1 50 100 150 300 6 6 2- 2 D3 D4 25 50 75 200 400 Il. Use the individual supply lines below to draw the Market Supply 4 100 200 300 200 400 51 S4 6 4 2 2 400 40010. 11. 12. 13. 14. 15. 16. 17. 18. For the following determine if demand shifts right (an increase in demand), demand shifts left (a decrease in demand), supply shifts right (an increase in supply), supply shifts left (a decrease in supply), quantity supplied increase (a movement up along supply), quantity supplied decrease (a movement down along supply), quantity demanded increase (a movement down along demand), quantity demanded decrease (a movement up along demand). Afraid of contagion with the coronavirus consumers stay away from shops and travelers put off holiday plans. Market: Hotel Rooms High prices of grain have increased the costs for dairy farmers and beef producers. Market: Beef and Milk Mews of contaminated beef. Market: beef Assume consumers consider beef and chicken substitute products. News of contaminated beef. Market: Chicken. A successful advertising campaign increases the number of teenage smokers. Market: cigarettes. Assume consumers consider beef and chicken substitute products. A sharp increase in the price of beef. Market: Chicken The price of gasoline rises. Market: Uber rides. The price of coffee decreases. Market: Coffee Assume that farmers can easily switch from growing tea to growing Opiumn . The price of tea decreases to record low levels. Market: Opium A successful "buy American\" campaign shifts consumers' preferences towards clothes made in America. Market: Clothes made in America Unfavorable weather conditions. Market: Cotton Oil prices are expected to triple by the end of the month due to unrest in oil producing countries. Market: Oil (Today) The clothing industry has been hit with high labor costs and record high cotton prices. Market: Cotton Clean up crews and reporters covering the Gulf of Mexico oil spill arrive in large numbers in the area. Market: Hotel Rooms Unusually good weather. Market: Soy Beans Synthetic fibers (like rayon) become available as a substitute for cotton. Market: Cotton Workers get reduction in their payroll tax effectively increasing their take-home pay. Market: Restaurant Meals Corn prices increase increasing the cost of producing Ethanol (a type of fuel made from corn) Market: Ethanol 20. 21. 22, 23. 24, 25. 28. 27, 28. 29, 30. 31. DeBeers, the diamond producer, faced with the difficulty of selling a mundane and worthless commeodity, devised a brilliant advertising campaign in 1914 cenvincing couples of the necessity of purchasing a diamond as part of the marriage ritual. Market: Diamonds The Chinese government announced its intention to reduce sales of rare earth minerals to L5 and the European Union at the end of the month. Market: Rare Earth Minerals (Today) Potatoes are considered and inferior good in Balivia. Incomes in Bolivia increase. Market: Potatoes An insect infestation attacks the citrus crop in Florida. Market: Oranges Potatoes are considered and inferior good in Bolivia. The price of potatoes increase. Market: Potatoes Acid rain caused fish populations to disappear. Market: fish South American countries legalize production of marijuana. Market: Marijuana The LS and Europe legalize use (consumption) of marijuana. Market: Marijuana The price of cable TV service increase. Market: dish TV service Incomes increase. Market: cars As part of the Colombian Government's crop substitution strategy, the government promised to pay cash to farmers who were planting coca if they agree to switch to other legal crops. Market: Coca As part of the Colombian Government's crop substitution strategy, the government offers to pay cash to farmers who were planting coca if they agree to switch to other legal crops. Market: Coffee Draw the following demand line and label it Dy, d Q=5-P Suppose that consumers incomes rise and as a result consumers purchase 15 units more at all prices. Draw and label this new demand line D Draw the following demand line and label it Da. d Q =15-5P Suppose that consumers incomes rise and as a result consumers purchase 40% more units at all prices. Draw and label this new demand line D, Assume the original demand line is: Q%= 25- P Suppose that consumers incomes fall and as a result consumers purchase 15 units less at all prices. Draw and label this new demand line Ds. Assume the original demand line is: Q\" = 25 - P. Suppose that consumers incomes fall and as a result consumers purchase 40% fewer units at all prices. Draw and label this new demand line D, f. Draw the following supply line and label it 5, 0S5= .10 +2P Suppose that the cost of production decrease and as a result producers sell 20 units more at all prices. Draw and label this new supply line 5, Draw the following supply line and label it S, Q =-20 + 5P Favorable weather conditions result in higher production. As a result, producers sell 40% more units at all prices. Draw and label this new supply line 5S4 Assume the original supply line is: Q5 = 20 + 2P Suppose that costs of production rise and as a result producers sell 15 fewer units at all prices. Draw and label this new supply line 55, Assume the original supply line is: Q% = 15 + 15P. Suppose that costs of production rise and as a result producers sell 40% fewer units at all prices. Draw and label this new supply line S