Assignment Task:
The Supply for Pecans
The following are fictitious headlines about the pecan market. In each case decide if the information will cause a change in the current market supply for U.S. Pecans sold worldwide. If so, decide if it is an increase (right shift) or a decrease (left shift) and write that next to the question. As well as drawing a graph to show the shift.
1. U.S. farmers start cutting down their pecan groves to make more land available to plant more profitable crops.
2. The price of pecan shelling machines rises dramatically.
3. Price of pecans falls as more consumers begin craving hazelnuts.
4. Scientists successfully produce genetically modified pecan trees that can produce twice as many pecans per tree.
5. Engineers develop machines that shake nuts from the trees at harvest and sweep them off the ground.