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Supply and Demand

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Purpose of Assignment -

The purpose of this assignment is to analyze how an event will influence the market equilibrium.
Background: Suppose the weather in Florida was extremely cold one winter. This event would affect the market for coffee in Florida, causing the demand curve to shift to the right. Remember an event that changes the demand for a product shifts the demand curve to the right. Likewise, a decrease in the supply of a product shifts the supply curve to the left. Review the Figures 10-12 on pp. 79, 80, & 82 for illustrations of these different shifts.

Assignment: Supply and Demand

Purpose of Assignment -

This assignment assesses student understanding of supply and demand. After completing the assigned reading and viewing the three-part interactive tutorial, Appendix C can be completed and submitted. The assignment addresses the relationship between price and quantity on the supply and demand curves. Students will explore factors that shift the supply and demand curves and how the equilibrium price is affected.

Resources Required

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Questions about supply and shifts in demand.

Discuss causes for shifts in supply and shifts in demand for gasoline.
Discuss events that might lead to a disequilibrium in the market for gasoline.

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