Predict and graph how each of the following events would affect the equilibrium price and equilibrium quantity in the immediate short run.

a) Event#1:The prize of fertilizer for corn decreases

PREDICT: The Brainstorming Stage

Predict how the event described abovewould affect the equilibrium price (P*) and equilibrium quantity (Q*) in the immediate short-run (days and weeks later).

GRAPH

Reflect your predictions of the changes in P* and Q*, if any, on the graph.

b)Event#2:The U.S government imposes a 20% tariff (tax) increase on electronic devices produced in China and sold in the U.S.

PREDICT: The Brainstorming Stage

Predict how the event described abovewould affect the equilibrium price (P*) and equilibrium quantity (Q*) in the immediate short-run (days and weeks later).

GRAPH

Reflect your predictions of the changes in P* and Q*, if any, on the graph.

c)Event#3:Suppose that scientists discover that eating hamburgers decrease the risk of heart attack by 80%.

PREDICT: The Brainstorming Stage

Predict how the event described abovewould affect the equilibrium price (P*) and equilibrium quantity (Q*) in the immediate short-run (days and weeks later).

GRAPH

Reflect your predictions of the changes in P* and Q*, if any, on the graph.