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3Tutorial 2: The Market Environment - Week 2
A. Lecture: (10 min)
- Introduction to the market (slide 1 – 4)
- The advantages and disadvantages of markets (slide 5 – 7)
Assignment 1: Supply and demand
Determine what happens to the demand curve (indicate whether it shifts to the left
or the right) when. Use the graphs of attachment A!
1. Advertising budget is raised by a firm: increase (right)
2. Incomes are reduced because people are laid off from work: decrease (left)
3. People expect inflation in the near future: increase (right)
4. Prices of substitute products become cheaper: decrease (left)
On the other hand, determine what happens to the supply curve (indicate
whether it shifts to the left or the right) when:
1. The price of oil goes up: decrease (left)
2. A series of natural disasters occur such as flooding or earthquakes: decrease (left)
3. A new technology is discovered: increase (right)
4. Cheap credit becomes available for firms: increase (right)
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