Basic Supply and Demand Graphing: Problems
Assume markets already exist.
Assume ceteris paribus.
Show only the first change to occur
Watch out for Substitutes and Complements
Product being graphed
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Event/Change in the market
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Which thing changed first?
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Which graph
(A through E)
List the change in EP, EQ
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1. Toyota Tundra Trucks
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Toyota shuts down the San Antonio Production Plant
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2. Toyota
Tundra Trucks
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The cost of gasoline goes to $10 a gallon
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3. Roll Royce Luxury Cars
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Average income in the US triples in one year
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4. Honda Civic Cars
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Honda announces,
“Buy 1 Get 1 Free”
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5. Hamburgers
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The price of all vegetables triple (lettuce, ….)
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6. Hot dogs
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Prices of charcoal for grilling drops in half
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7. Coca Cola
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The price of all Pepsi products triples
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8. Batteries
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A major hurricane enters the western Gulf of Mexico
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9. Toys
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It is now December 26th
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10. Plastic Products
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The price of crude oil falls dramatically
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