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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.
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Event |
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Price |
Demand Curve |
Supply Curve |
Quantity Demanded |
Quantity Supplied |
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A severe drought hits the Midwest corn growers |
Corn |
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The U.S. government reduces taxes on imported lumber |
New Home Building |
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The federal government raises the minimum wage from $7.25 per hour to $11.00 per hour |
Minimum wage jobs |
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Technology improves for automobile assembly |
Autos |
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