Supply Demand Goes: Goes: Price changes: Price changes: Price is related to quantity Price is related to quantity supplied demanded Shifters: Shifters: Equilibrium Disequilibrium Occurs when: Occurs when: Draw it: Draw a price floor: Draw a shift of either S or D and label correctly Draw a price ceiling Identify who has the Absolute Advantage in each product (assuming countries have similar resources). Identify who has the Comparative Advantage for each product and calculate the Possible Terms of Trade Ranges. Hats Bicycles Delta 1200 300 Epsilon 600 300 2. ***Man-hours required to produce one unit of each*** Cloth Food Gamma 10 2 Kappa 10 1 Cars Tractors Lambda 30 10 Mu 20 40