determine how each of the following scenarios will impact supply for the market indicated. 1. Graph the shift of the graph 2. Label each graph 3. Indicate if there has been an increase or decrease in either supply or demand 4. Identify the shifter 5. Determine how price and quantity will be affected after the shift. p p1 Example Market: Potato Chips Scenario: The price of potatoes drops by 25% 9 91 S s1 Q Supply or Demand: Supply Shifter: Resource Cost Increase or Decrease: Increase Price (increase or decrease): Decrease Quantity (increase or decrease): Increase Scenario #1 Market: Frozen Waffles q S D Q Scenario: The price of syrup rises drastically. Supply or Demand: Shifter: Increase or Decrease: Price (increase or decrease): Quantity (increase or decrease): Scenario #2 Market: Surfboards S X 0 Q Scenario: There is a population boom all across the state of California Supply or Demand: Shifter: Increase or Decrease: Price (increase or decrease): Quantity (increase or decrease): Scenario #3 Market: Fuzzy Socks Scenario: The price of polyester, the material used to make fuzzy socks, falls by 25% Supply or Demand: Shifter: Increase or Decrease: Price (increase or decrease): Quantity (increase or decrease): q Q Scenario #4 Market: Computer Games S X 1 Q Scenario: A sale on computer games starts next week Supply or Demand: Shifter: Increase or Decrease: Price (increase or decrease): Quantity (increase or decrease): Scenario #5 p Market: Bicycles S X q Q Scenario: Bicycle manufacturers get a report that surge of interest in unicycling has caused prices of unicycles to skyrocket. Supply or Demand: Shifter: Increase or Decrease: Price (increase or decrease): Quantity (increase or decrease): Scenario #6 Market: SUVs S D Q Scenario: The government places a tax on vehicles that get less than 30 miles per gallon Supply or Demand: Shifter: Increase or Decrease: Price (increase or decrease): Quantity (increase or decrease): Scenario #7 Market: Mercedes Benz Cars P S X Scenario: The price of BMWs increases by 35% Supply or Demand: Shifter: Increase or Decrease: Price (increase or decrease): Quantity (increase or decrease): q Q Scenario #8 Market: Snow Globes Scenario: A new machine cuts the S D Q production of glitter snow in half Supply or Demand: Shifter: Increase or Decrease: Price (increase or decrease): Quantity (increase or decrease): Scenario #9 p Market: Hot Sauce q S Q Scenario: A new study proclaims that hot sauce can cause baldness Supply or Demand: Shifter: Increase or Decrease: Price (increase or decrease): Quantity (increase or decrease): Scenario #10 p Market: Digital Cameras S Q Scenario: A major manufacturer announces it will no longer produce digital cameras. Supply or Demand: Shifter: Increase or Decrease: Price (increase or decrease): Quantity (increase or decrease):