Question: Place all items for Part 2 on the same graph.  For each scenario below, state if there has been a change in quantity supplied or a change in supply for the item in question.  Starting by drawing a supply curve and then indicate using arrows and, if necessary, drawing a new curve to illustrate what happens.  Be sure to also write down in words what occurs with each scenario. Note, a, b, c, and d will all be on one graph.

1. The market price of rubber is rising. Will there be a change in quantity supplied or change in supply of car tires?
2. The market price of steel is rising. Will there be a change in quantity supplied or change in supply of steel?
3. The number of Android phones has tripled. Will there be a change in quantity supplied or change in Android phones?
4. The price of Nike athletic shoes decreases. Will there be a change in quantity supplied or change in Nike athletic shoes?
5. The price of coffee beans decreases. Will there be a change in quantity supplied or change in tea?

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Solution: The downloadable solution consists of 2 pages
Deliverable: Word Document