Event Market for:
Price for hamburgers has risen; demand for hot dogs is rising. (Hot Dog Buns)
The President of the United States has released a statement that unemployment is falling, there is a rise in output in the Country, and manufacturing activity is rising
(Popular Vacation Spots)
The Chinese government has decided to subsidize its domestic automobile industry with stimulus money. (Automobiles in China)
Manufacturers who use petroleum as an input see prices of crude rising.
(Manufactured goods that use plastic as an input)
Using the table, for each line item, write a paragraph describing how the market for each specific product will be affected by the associated event. Describe which curve will shift (demand or supply or both), what effect it will have on price (rise or fall in price), and what will happen to quantity (rise or fall in quantity). Each line item requires a paragraph.