n each problem, you must explain the scenario’s effect on the market. If the quantity supplied or the quantity demanded changes, state how (increase or decrease). If one of the curves shifts, state why and the direction it shifts (left or right). You should then state the effect on price (increase or decrease). 1. Your product was declared one of "Oprah's Favorite Things." 2. You grow cotton and Eli Whetney just invented the cotton gin. 3. A hurricane is predicted to hit the rich coffee growing areas of Colombia. You sell coffee. 4. Congress just passed a tax credit for energy effiecent home improvements. You sell solar panels. 5. Soldiers comes home from WWII, get married, and need housing for their familes. You build houses.
In each problem, you must explain the scenario’s effect on the market. If the quantity supplied or the quantity demanded changes, state how (increase or decrease). If one of the
1. Your product was declared one of "Oprah's Favorite Things."
2. You grow cotton and Eli Whetney just invented the cotton gin.
3. A hurricane is predicted to hit the rich coffee growing areas of Colombia. You sell coffee.
4. Congress just passed a tax credit for energy effiecent home improvements. You sell solar panels.
5. Soldiers comes home from WWII, get married, and need housing for their familes. You build houses.
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