1. Quiz 1 Answers
1. What does it cost to ship an iPhone from China to the U.S.? 54 cents - see blog story
2. What happens when more people move into a neighborhood? Please graph.
Shift in Demand to the right or increase
3. What happens when an earthquake happens? Please graph.
Shift in Supply to the left or decrease
0
10
20
30
40
50
60
70
80
90
100
0 1 2 3 4 5 6 7 8 9 10
Price
Quantity
More People - Demand Shifts Right
Supply
D1
D2
Q1 Q2
P1
P2
Price increases and Quantity increases
0
10
20
30
40
50
60
70
80
90
100
0 1 2 3 4 5 6 7 8 9 10
Price
Quantity
Earthquake - Supply Shifts Left
Demand
Q1Q2
P1
P2
Price increases and Quantity decreases
S2
S1
