For each of the following:

Provide a real world example that is not in the book and was not mentioned in class

Write if the demand curve is affected and how

Write if the supply curve is affected and how

Explain what happens to the equilibrium price and quantity

Draw a graph in which you show the shift.

Remember to label the graph and especially to make clear which one is the initial curve and which one is the new one after the change occurs. (50 points)

1. The price of a substitute in consumption increases

2. The price of a complement decreases

3. People get wealthier; consider the market for an inferior good

4. The cost of an input decreases

5. There is a decrease in the population (in your example, focus on a particular demographic group, not on the whole population; it would be too easy).

6. The price of a substitute in production goes down

7. Consumers expect future prices to drop

8. Producers expect future prices to rise.

9. Technological innovation