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Microeconomics

Article

1. Double-Digit Price Increases Bolster Profits at Procter & Gamblehttps://www.nytimes.com/2023/04/21/business/procter-gamble-3q-2023-earnings.html
2. Whole Foods plans to lay off several hundred corporate employees: Read the memo herehttps://www.cnbc.com/2023/04/20/whole-foods-layoffs-planned-read-the-memo-here.html

Questions:

• Summarize the article that mentioned above. (Do not quote the article but explain it as if you were telling someone about it. If you do use direct quotes or paraphrases, remember that citations and references are required.)

Graph A When one or more of the determinants of demand (see above) change such that the demand for a good increases, that shows that consumers are willing to pay more for all possible quantities of the good. The upward shift in the demand curve causes an increase in price. Suppliers respond to the higher market price by bringing a greater quantity supplied to market - recall the Law of Supply. P S D D sibility: UnavailableGraph B When one or more of the determinants of demand (see above) change such that the demand for that good decreases. The demand curve reflects this by shifting downward, showing the consumers are willing to pay less for all possible quantities of the good. This causes a decrease in price. Suppliers respond to the price change by bringing a lesser quantity supplied to market - recall the Law of Supply. P S essibility: Unavailable D' DGraph C When one or more of the determinants of supply (see above) change such that the supply for that good increases, the supply curve shifts outward showing that suppliers can bring more product to market at lower prices for all possible quantities. This causes a decrease in price. Demanders will respond to the price change with a greater quantity demanded recall the Law of Demand. P S P* D 0* Iity: UnavailableGraph D When one or more of the determinants of supply (see above) change such that the supply for that good decreases, the supply curve shifts inward showing the suppliers can bring fewer products to market at higher prices for all possible quantities. This causes an increase in price, and demanders are willing to buy a lesser quantity demanded - recall the Law of Demand P D Q* Q ssibility: Unavailable