For each of the following situations, identify whether there is a shift in demand or supply (or
even if there is one), and note the effects on equilibrium price and quantity. Support your
answers with a graph. (if u don't want to do graphs please give me idea about shift in demand/supply and equillibrium)
1. The National Weather Service announces suddenly that there is going to be a tropical storm that will make landfall in Key West next week! What is the effect on the market for batteries?
2. The Maryland Department of Environmental Management announces that the improved water conditions have led to an increase in the number of blue crabs in the Chesapeake Bay! What is the effect on the market for crab cakes?
3. Netflix suddenly announces that it is going to increase the basic monthly subscription fee permanently from $8.99 to $9.99! What is the effect on the market for Netflix? What is the effect on the market for DVDs?
4. It is announced with Forbes that Delta Airlines (DAL) is purchasing United Airlines (UAL) and merging with them. What is the effect on the market for Delta airlines stock?
5. Lifespan Finance, the largest employer in the state of Rhode Island, announces that it will raise the annual salaries for all its employees 18% this year! What is the effect on the market for canned vegetables in Rhode Island? What is the effect on the market for fresh vegetables in Rhode Island?