Graph 1

1. Using the Google Draw tool (or any tool of your choice) to illustrate an initial market forcookies. You may also hand draw your graphs and insert the photo into your file. Neatness counts!

Make sure to label each component of your graph.

• Vertical Axis (Price per Unit)
• Horizontal Axis (Quantity per period)
• Supply Curve (S1)
• Demand Curve (D1)
• Equilibrium Price (P1)
• Equilibrium Quantity (Q1)

Title your graph

• Market for Cookies

2.The price of eggs, an ingredient in cookies, increases. How does this change the market for cookies?

Illustrate this change in the cookie market by shifting either the demand curve OR the supply curve. Follow the labeling designated above, but label any new curves and the new equilibrium using "2" instead of "1."

3.Write a sentence that summarizes the change in this market. Be sure to mention what happens to equilibrium price and equilibrium quantity.

Graph 2

1. Using the Google Draw tool (or any tool of your choice) to illustrate an initial market forice cream. You may also hand draw your graphs and insert the photo into your file. Neatness counts!

Make sure to label each component of your graph.

• Vertical Axis (Price per Unit)
• Horizontal Axis (Quantity per period)
• Supply Curve (S1)
• Demand Curve (D1)
• Equilibrium Price (P1)
• Equilibrium Quantity (Q1)

Title your graph

• Market for Ice Cream

2. Summer weather arrives and more people want cool treats in the hot weather. How does this change the market for ice cream?

Illustrate this change in the ice cream market by shifting either the demand curve OR the supply curve. Follow the labeling designated above, but label any new curves and the new equilibrium using "2" instead of "1."

3. Write a sentence that summarizes the change in this market. Be sure to mention what happens to equilibrium price and equilibrium quantity.

Graph 3

1. Using the Google Draw tool (or any tool of your choice) to illustrate an initial market forrestaurant meals. You may also hand draw your graphs and insert the photo into your file. Neatness counts!

Make sure to label each component of your graph.

• Vertical Axis (Price per Unit)
• Horizontal Axis (Quantity per period)
• Supply Curve (S1)
• Demand Curve (D1)
• Equilibrium Price (P1)
• Equilibrium Quantity (Q1)

Title your graph

• Market for restaurant meals

2. There is a downturn in the economy and people's incomes fall. Restaurant meals are a normal good. How does this change the market for eating out?

Illustrate this change in the restaurant meal market by shifting either the demand curveorthe supply curve. Follow the labeling designated above, but label any new curves and the new equilibrium using "2" instead of "1."

3. Write a sentence that summarizes the change in this market. Be sure to mention what happens to equilibrium price and equilibrium quantity.

Graph 4

1. Using the Google Draw tool (or any tool of your choice) to illustrate an initial market forairline travel. You may also hand draw your graphs and insert the photo into your file. Neatness counts!

Make sure to label each component of your graph.

• Vertical Axis (Price per Unit)
• Horizontal Axis (Quantity per period)
• Supply Curve (S1)
• Demand Curve (D1)
• Equilibrium Price (P1)
• Equilibrium Quantity (Q1)

Title your graph

• Market for Airline Travel

2. There is an increase in the price of jet fuel, while at thesame timethere is an increase in people's preference to travel by plane. The increase in the preference to travel has a larger impact than the increase in the price of jet fuel.

Illustrate this change in the airline travel market by shifting either the demand curve AND the supply curve. Follow the labeling designated above, but label any new curves and the new equilibrium using "2" instead of "1."

3.Write a sentence that summarizes the change in this market. Be sure to mention what happens to equilibrium price and equilibrium quantity.