Complete Microeconomics Task (COOK)

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Microeconomics – Week #2 Assignment

Changes to Supply, Quantity Supplied, Demand, and Quantity Demanded

Using the table, for each line item and its associated column, describe how the market for each specific product will be affected by the associated event indicating whether it will rise, fall, or no change. For example, in the first line item for the market of corn, based upon the event of a severe drought, the price will either rise or fall or no change, demand curve will shift left (fall) or right (rise) or no change, supply curve will shift left (fall) or shift right (rise) or no change, quantity demanded will rise, fall, or no change, and quantity supplied will either rise, fall, or no change.

Event

Market for:

Price

Demand Curve

Supply Curve

Quantity Demanded

Quantity Supplied

A severe drought hits the Midwest corn growers

Corn

The U.S. government reduces taxes on imported lumber

New Home Building

The federal government raises the minimum wage from $7.25 per hour to $11.00 per hour

Minimum wage jobs

Technology improves for automobile assembly

Autos


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