Directions: Read each scenario. Illustrate the change in supply or change in quantity supplied for the good mentioned in each scenario on the graphs provided. Write if it was a change in supply or a change in quantity supplied. List the determinant. The market in question is the shoe market. If Leather has become more expensive, what do you expect to happen to the supply of shoes? A). Will the supply change (shift of the curve) of will the quantity supplied change (movement along the line)? Answer:______________________________________ B). If supply changes, will the curve shift to the right (increase in supply) or shift to the left (decrease in supply)? Please draw this on the graph above. C). If the supply changes, what is the factor or determinant affecting the change? If the curve did not shift, there is no determinant. Please see Supply/Demand Cheat Sheet...Hint: Natural Disasters, Price of inputs, technology, and expectations Answer:____________________________________
Directions: Read each scenario. Illustrate the change in supply or change in quantity supplied for the good mentioned in each scenario on the graphs provided. Write if it was a change in supply or a change in quantity supplied. List the determinant.
The market in question is the shoe market. If Leather has become more expensive, what do you expect to happen to the supply of shoes?
A). Will the supply change (shift of the curve) of will the quantity supplied change (movement along the line)?
Answer:______________________________________
B). If supply changes, will the curve shift to the right (increase in supply) or shift to the left (decrease in supply)? Please draw this on the graph above.
C). If the supply changes, what is the factor or determinant affecting the change? If the curve did not shift, there is no determinant.
Please see Supply/Demand Cheat Sheet...Hint: Natural Disasters, Price of inputs, technology, and expectations
Answer:____________________________________
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