week2 assignment microeconomic

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