Microeconomics – Week #2 Assignment

Changes to Supply, Quantity Supplied, Demand, and Quantity Demanded

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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