Economics assignment

| November 18, 2015

Create a Graph

Now that you are familiar with the way a supply curve is graphed, you will create your own graph to submit to your instructor.

Step 1: Launch the data generator. Print or copy the data table to use in the next step.

Step 2: Create a supply graph.

• Correctly label the x-axis and y-axis with the terms price and quantity.
• Assign values for price and quantity along each axis. Consider the numbers in your data table and the size of your graph. For example, you may want to make price in increments of 25.
• Create a title for your graph by choosing a good or service for the data to represent.
• Using the data table from Step 1, plot a supply curve and label the curve S.

Step 3: Add a curve to your graph that represents an increase in supply. Label the new curve S1.

Step 4: In a few sentences, explain a situation that could have resulted in the supply increase. Be sure to:

• Make your situation specific to the product or service you chose in Step 2.
• Use at least one factor from the acronym ROTTEN in your explanation.

Step 5: Add another curve to your graph that represents a decrease in supply. Label the new curve 2.

Step 6: In a few sentences, explain a situation that could have resulted in the supply decrease. Be sure to:

• Make your situation specific to the product or service you chose in Step 2.
• Use at least one factor from the acronym ROTTEN in your explanation.

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