Question: Scenario #1: Apple releases a new version of the iPhone, consumers get excited and want to buy the latest iPhone earbud. Directions: Circle or highlight

Scenario #1: Apple releases a new version of the iPhone, consumers

Scenario #1: Apple releases a new version of the iPhone, consumers get excited and want to buy the latest iPhone earbud. Directions: Circle or highlight your answers for the questions below. Then create a quick Supply/Demand graph for each scenario that shows the shift in supply/demand. a) What shifts in this scenario? SUPPLY / DEMAND b) What is the shifter of supply/demand? c) Which way does it shift? LEFT/RIGHT d) What happens to the equilibrium price? MOVES UP / MOVES DOWN You may not use all of the items below. S1 D D1 Scenario #1: Apple releases a new version of the iPhone, consumers get excited and want to buy the latest iPhone earbud. Directions: Circle or highlight your answers for the questions below. Then create a quick Supply/Demand graph for each scenario that shows the shift in supply/demand. a) What shifts in this scenario? SUPPLY / DEMAND b) What is the shifter of supply/demand? c) Which way does it shift? LEFT/RIGHT d) What happens to the equilibrium price? MOVES UP / MOVES DOWN You may not use all of the items below. S1 D D1

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