Determine what will happen to the supply curve

Reference no: EM133425835

Question: For each of the following, determine if demand will shift left (decrease) or right (increase) and then using a sketch such at those above, show the impact on price and quantity. The first one is done for you.

1. Women's fashions change to shorter skirts. What happens to the demand for cloth? Demand for cloth decreases (shifts left).
2. Animal rights groups object to the killing of animals for furs. What happens to the demand for fur coats?
3. Increased advertising for Canadian wine. What happens to the demand for wine?
4. Research proves exposure to sun increases skin cancer. What happens to the demand for sunscreen?
5. Increased population moves to suburbs without public transit. What happens to the demand for cars? For gas?
6. Price of gas goes way up. What happens to the demand for hybrid cars?
7. The local stationary store has a back to school sale on pencils. What happens to demand for pencils?
4. For the two events listed below, sketch a supply and demand curve and determine what will happen to the supply curve. Show the changes in equilibrium price and quantity. Remember to fully label the graph and to show the changes with arrows.
Major oil discovery in Canada

Reference no: EM133425835

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