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Part 3: Shifting Demand and Supply Curves (A/C) '12 Using the graphs below, answering each of the following questions (3 marks each) Demand: 1. The price of bread increases, the demand for butter will (increases / decreases) Which determinant causes this change? - Which way will the demand curve shift? Left or right. Draw the new demand curve P 2. The price of breakfast cereals rise, the demand for milk will (increases / decreases) Which determinant causes this change? Which way will the demand curve shift? Left or right. Draw the new demand curve P D2. Looking at the graph below, answer the following questions Market for Apples $300 $180 $160 5 $140 $120 $100 560 $40 D 520 100 120 140 160 180 230 230 240 260 280 Quantity (millions of tons) a. In the graph above, you are looking at the price of apples. If the current price is $60, does a shortage or surplus exist? b. How much would the price and quantity need to change to reach the equilibrium price and quantity? Explain your reasoning.Supply: 1. The government decides to implement quotas on importing t-shirts. The supply will (increase / decrease) Which determinant causes this change? Which way will the demand curve shift? Left or right. Draw the new supply curve D 2. The price of coffee increase, the supply for cream will (increase / decrease) Which determinant causes this change? Which way will the demand curve shift? Left or right. Draw the new supply curve P D QPart 4: Graph Analysis(TCL Looking at the graph below, answer the following questions. Market for Corn $80 $70 Price (thousands $/ton) D SO 100 120 140 160 180 200 220 240 260 280 Quantity (millions of tons) 1. What is the original equilibrium value(price and quantity)? a. Using the original curves, If the price is set at $20/ton, will there be a shortage or surplus? b. How much would the shortage or surplus be? c. Using the shifted demand curve, write a statement that describes the effect on equilibrium price and quantity