Overview: Today, you are going to apply what you learned from reading the written steps and watching the video instructions on Graphing Equilibrium. This will be for a minorfquiz grade. Supplies: Canvas App. Genius Scan App. Unit 4: Packet. Peanencil Gra hin E uilibrium Demand and En | Read each word problem in column 1. In column 2, identify the product we are asked to graph. In column 3, using step 3, decide if there is a Shift in Demand (Di, Supply is], or a change in Quantity Demanded iCtDi, or Quantity Supplied {GEL In column 4; identify the variable that has caused the change {either price or the specific non-price determinant}. Next, graph the event with both a Demand and Supply Curve to start. Also label Equilibrium before going through the graphing steps. In Column 5, use the shift in Equilibrium to indicate what price will do when it tries to go back towards equilibrium [will price go up or down?] "r'ou may use the written steps from the previous page to assist you. Word Problem Change in 1i.l'arialale Change D, 5, CED, C15 in Price 1. In the automobile market. the local union negotiates a 20% pay raise for its workers. What happens in the Automobile market? 2. The President signs a bill to have the IRS send a refund in taxes to every American family. What happens in the television market? 3. OPEC, the global oil cartel; passes an agreement to restrict crude oil production. What happens in the gasoline market? 4. An unexpected winter storm damages the Florida orange crop. What happens in the market for orangejuice? 5. Coca-Cola decides to drop the price of its can from .5D cents to .3D cents. What happens in the market for Coca lCola? Mow, answer questions on Canvas for a lQuiz grade using your answers here D Question 1 10 pts Which of the following matches the answers you put for PRODUCT on each of the word problems (Check all that are correct): Question 1 Product: Automobiles Question 2 Product: Televisions Question 3 Product: Crude Oil Question 4 Product: Oranges Question 5 Product: PepsiQuestion 2 30 pts Which of the following matches the answers you put for CHANGE IN D. 5, Q0, Q5 on each of the word problems [Check all that are correct): Question 1 Change: Change in 5 [Total Supply) Question 2 Change: Change in D (Total Demand) Question 3 Change: Change in 5 (Total Supply) Question 4 Change: Change in 5 [Total Supply) Question 5: Change in OD {Quantityr Demanded) Question 3 20 pts Which of the following matches the answers you put for VARIABLE on each of the word problems (Check all that are correct): Question 1 Variable: Change in Cost of an Input (Labor) Question 2 Variable: Change in Taxes Question 3 Variable (2 answers): Change in Cost/Availability of Input (Land), Change in Global Economy) Question 4 Variable: Change in Consumer Expectations of Future Price Question 5 Variable: Change in PriceQuestion 4 30 pts Which of the following matches the answers you put for GRAPHING on each of the word problems (Check all that are correct): D Question 1 Graphing: Total Supply shifts right Question 2 Graphing: Total Demand shifts right Question 3 Graphing: Total Demand shifts left Question 4 Graphing: Total Supply shifts left Question 5 Graphing: No shift, onlyr Quantity Demand {QD} changes with the change in price Question 5 10 pts Which of the following matches the answers you put for PRICE on each of the word problems (Check all that are correct): Question 1 Price: Price will increase Question 2 Price: Price will decrease Question 3 Price: Price will decrease Question 4 Price: Price will increase Question 5 Price: Price has dropped already