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For each of the following, determine if demand will shift left (decrease) or right (increase) and then using a sketch, show the impact on price
For each of the following, determine if demand will shift left (decrease) or right (increase) and then using a sketch, show the impact on price and quantity. Then explain which of the five factors that influence demand applies to each scenario
- Women's fashions change to shorter skirts. What happens to the demand for cloth? Demand for cloth decreases (shifts left).
- Animal rights groups object to the killing of animals for furs. What happens to the demand for fur coats?
- Increased advertising for Canadian wine. What happens to the demand for wine?
- Research proves exposure to sun increases skin cancer. What happens to the demand for sunscreen?
- Increased population moves to suburbs without public transit. What happens to the demand for cars? For gas?
- Price of gas goes way up. What happens to the demand for hybrid cars?
- The local stationary store has a back to school sale on pencils. What happens to demand for pencils?
Here is a link that has information to help you out : https://docs.google.com/document/d/1EBzrxvXZdZoiH4M6lPMPnU2zyEAz6wxHNzKzKloG5uw/edit?usp=sharing
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