Supply & Demand Assignment 2

The market is for houses. Graph the changes to the market listed below. Show the impact of each change on the price and quantity of houses in California. Make sure you label your graphs completely. Tell me clearly whether there will be a change in demand or supply for each one. Then tell me whether they increase or decrease. Then let me know how it would look on a graph so I can label it correctly. I need to know whether, if its demand or supply changing, it's shifting to the left or right.

1.Prices of lumber and concrete fall.

2.New Condominiums falling in price.

3.Price ceiling placed on all new houses built in California.

4. Incomes for many in California continue to rise.

5. Three of the largest builders in the state shut down.

6. Government establishes a price floor on all houses sold.