For you to demonstrate understanding of supply and demand from the perspective of microeconomics versus macroeconomics, pick 2 of the 10 scenarios below and discuss the following questions:
- Is the scenario a macroeconomic or microeconomic example of supply and demand?
- Is this impacting supply or demand?
- Is this example going to experience a shift or a movement of supply or demand?
- As a result of this change, what happened to equilibrium price and quantity?
- I need this about 100 words
The 10 examples for you to consider are as follows:
- After Hurricane Katrina, what happened to the price of fish?
- After the development of the microchip, what happened to the price of computers?
- After the government raised tariffs on imported cheese, what happened to the price of domestic cheese?
- Polyester suits have become trendy again. What happens to their price?
- Internet auction sites are becoming more popular, and people are using them more and more.
- A new health report came out that said red wine lowers cholesterol.
- The government raises taxes.
- Inflation increases.
- Immigration laws are relaxed.
- The government increases spending.