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Quiz 1 answers Quiz 1 answers Document Transcript

  • Quiz 1 Answers 1. What does it cost to ship an iPhone from China to the U.S.? 54 cents - see blog story 2. What happens when more people move into a neighborhood? Please graph. Shift in Demand to the right or increase 3. What happens when an earthquake happens? Please graph. Shift in Supply to the left or decrease 0 10 20 30 40 50 60 70 80 90 100 0 1 2 3 4 5 6 7 8 9 10 Price Quantity More People - Demand Shifts Right Supply D1 D2 Q1 Q2 P1 P2 Price increases and Quantity increases 0 10 20 30 40 50 60 70 80 90 100 0 1 2 3 4 5 6 7 8 9 10 Price Quantity Earthquake - Supply Shifts Left Demand Q1Q2 P1 P2 Price increases and Quantity decreases S2 S1