Supply and Demand Discussion & Responses
Please think of an example from everyday life of an event that caused either the supply or the demand for a product to increase or decrease (please only shift one curve). Please take the time to think of a straightforward (easy) example; it will work much better.
Once you have your example, please complete the following steps for your discussion post:
write a short description of the event explaining if it caused the supply curve OR the demand to shift and in which direction (increase or decrease)
explain how the shift affected the quantity and price in the market for the product.
draw a graph showing:
- the original supply and demand curves
the original equilibrium point
- the original quantity and price (q1 and p1 are fine – you don’t need to add real prices or quantities)
- how the curve shifted (right or left)
the new equilibrium point
the new quantity and price (q2 and p2 are fine)
POST
Monica GautaneYesterdayFeb 17 at 12:18pmManage Discussion EntryAn example from everyday life of an event that caused the demand for a product to increase is the release of Oreo Cakesters after they were discontinued 10 years ago. (Hopefully, at least 1 other person in this class remembers/knows what Oreo Cakesters are and why this is such a big deal lol.) Cakesters are only available at select retailers and due to their large demand, they’ve been sold out at many of the select retailers.Their release has caused an increase in the demand for Oreo Cakesters, shifting its demand curve to the right. An increase in demand causes a subsequent increase in price and quantity as shown in the graph below.
Sarah Amadio (She/Her)WednesdayFeb 16 at 12:54pmManage Discussion Entry1. My example is going to be for the supply and demand of Toilet Paper during quarantine. Upon the news that we would not be able to leave the house for weeks, people expected that they would need to stock up on household items, for some reason, especially the toilet paper. Because of their future expectations, the demand for toilet paper increased, thus causing the demand curve to shift to the right.2. Once the Demand curve shifted to the right, the price of toilet paper increased and so did the quantity. 3. My Graph:
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