Shifts in supply mon03312014

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Shifts in supply mon03312014

  1. 1. Bellringer 03/31/2014 On White boards 1. What does the acronym TRIBE stand for, and which economic law does it apply to? 2. What does the acronym PEST stand for? And which economic law does it apply to?
  2. 2. White boards Which part of PEST will change in the following scenarios to the Airline market? 1. The cost of fuel goes up by 10% 2. US Airways and American Airlines Merge 3. Managers predict that many people will fly during summer vacation 4. US Airways develops the first every robotic flight attendant 5. The government places a regulation on flying limiting flights to three flights per day 6. Average price of rent at an airport decrease
  3. 3. White boards Show the supply curve shift for the following scenario 1. US Airways and American Airlines Merge S₁ $ per input Q*Supplied S₂
  4. 4. White boards Show the supply curve shift for the following scenario • The cost of fuel goes up by 10% S₁ $ per input Q*Supplied S₂
  5. 5. White boards Show the supply curve shift for the following scenario • Managers predict that many people will fly during summer vacation S₁ $ per input Q*Supplied S₂
  6. 6. White boards Show the supply curve shift for the following scenario • US Airways develops the first every robotic flight attendant S₁ $ per input Q*Supplied S₂
  7. 7. White boards Show the supply curve shift for the following scenario • The government places a regulation on flying limiting flights to three flights per day S₁ $ per input Q*Supplied S₂
  8. 8. White boards Show the supply curve shift for the following scenario • Average price of rent at an airport decrease S₁ $ per input Q*Supplied S₂
  9. 9. Jet Fuel

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