Quiz 1 answers
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This document provides answers to three quiz questions. The first question is answered with the cost to ship an iPhone from China to the US being 54 cents. The second question asks what happens when more people move into a neighborhood, to which the response shows the demand curve shifting to the right, increasing both price and quantity. The third question asks what happens during an earthquake, shown by the supply curve shifting left, increasing price but decreasing quantity.
Quiz 1 answers
- 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