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Unit 2 - Small Business 4 HEARD CUIDATTAFRU E. 10 Identify factors that cause changes in market supply and demand. E.11 Use concepts of price elasticity of demand and supply to explain and predict changes in quantity as prices fluctuate. E.12 Define market equilibrium, and explain how supply and demand guide prices towards equilibrium to avoid surpluses or shortages. E.13 Describe how supply and demand determine equilibrium price. and graph examples on a curve E.14 Describe causes of shortages and surpluses. E.15 Analyze effects of shortages and surpluses on supply and demand. CONTINUE TO USE GRAPH #2. Scenario 1. Now that you are in business, and you have been running for a couple of years, some of your fleet of planes gets grounded due to a government recall. Until they are fixed, you can run the following supply of flights: PRICE SUPPLY (QS2) 0 0 200 80 400 170 600 180 800 200 1000 370 Use the graph to determine: 13. What is the new equilibrium price? 14. What is the new number of flights at equilibrium? 15. (Determinant) What was the cause of the shift? 16. What is the price change's elasticity? 17. If the airline kept the original price, would it create a surplus or shortage? How much ? 18. Who benefits? How