you will be given a scenario that would cause a shift in supply or demand. You will
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you will be given a scenario that would cause a shift in supply or demand. You will also be required to show how price/quantity changes as Supply and Demand shifts. You can use Microsoft Word or Excel to draw your graphs. Each graph should have a title, a label for each axis and you must show the direction of the shift using an arrow. Each line should be labeled also ( Supply or Demand). For each graph you will need both Supply and Demand lines. Before starting this assignment, you might want to refer to Chapter 8: Market Equilibrium, Page 140.
1. Create a graph using supply and demand lines to show how prices and quantity would be affected by an economic downturn such as a recession. (A recession causes a decrease in demand).
2. Create a graph using supply and demand lines to show how prices and quantity would be affected by a decrease in the price of a substitute.
3. Create a graph using supply and demand lines to show how prices and quantity would be affected by a "bumper crop" year.
4. Create a graph using supply and demand lines to show how prices and quantity would be affected in agriculture by an increase in production costs.
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Understanding Business Statistics
ISBN: 978-1118145258
1st edition
Authors: Stacey Jones, Tim Bergquist, Ned Freed