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
Changes to Supply, Quantity Supplied,
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
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