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A Microfinance Mis

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Appendix B

Price Elasticity and Supply & Demand

Fill in the matrix below and describe how changes in price or quantity of the goods and services affect either supply or demand and the equilibrium price. Use the graphs from your book and the Tomlinson video tutorials as a tool to help you answer questions about the changes in price and quantity

|Event |Market affected by event |Shift in supply, demand, or both. |Change in equilibrium |
| | |Explain your answer. | |
|Frozen orange crops in California |Orange juice |Supply (left)—Not as many available |Price will increase and quantity will |
| | |oranges to offer consumers. |decrease. |
|Hurricanes in the Gulf Coast |Oil |Shift in supply- Oil distilleries shut |The Quantity will decrease but the |
| | |down. |price will increase. |
|Cost of cotton decreases |Clothes |Shift in supply- more cotton available |The price will stay the same until the|
| | |than what is demanded from consumers. |cotton increases in demand. |
|Technology improves efficiency in |Pasta factories or restaurants |Both-Due to improving efficiency, |The price of the pasta will stay the |
|pasta manufacturing |

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