Economic Issues

Give a Supply/Demand Example - provide the situation and result for a supply/demand scenario

1. State the situation. 2. Does this affect supply or demand? 3. Explain how the curve shifts 4. What happens to the price of the good or service?

EXAMPLE:

1.A new robot.is able to complete cancer screenings faster than a human. What happens to the price of cancer screenings?

2. This affects SUPPLY since technology costs is the reason for the change.

3. This will shift the supply curve to the right, showing an increase in quantity.

4. Because supply has gone up, the price of the screenings will decrease.