Find three REAL world examples of change in demand (shift in demand) or change i

Question

Find three REAL world examples of change in demand (shift in demand) or change in supply (shift in supply) or both.

Mention WHEN and WHERE it happened and what were the consequences (i.e. change in price and quantity of the good/service in the new equilibrium). Be specific about change in demand/supply and change in quantity demanded/quantity supplied.

Below are some examples.

Example 1: Oil spill in South Korea that began on the morning of December 7, 2007 => destroying half of ocean organisms shifts the supply of fish, shrimps, etc. to the left. In addition, this results in sea population at the head of the food chain carrying long-lasting and large amounts of dangerous chemicals making them unsuitable for humans to eat. This leads to a reduction in demand for see food. In the market for see food in South Korea, the new equilibrium quantity is less than the initial. Due to lower supply and demand, the final equilibrium price could be lower or higher than the initial equilibrium price.

Explanation / Answer

1) During the release of Avengers infinity war the expectations are so high as due to that reason people are willing to buy at any cost the movie premiere show tickets. So due to that demand the theatre owner increase the supply of tickets by increasing screen count which lead to increase in supply and the demand curve to right the equilibrium quantity increased.

2)Farmers are producing more number of mangoes in an area due to which supply is more the demand for the product goes down so there will be shift in supply curve towards downward direction and equillibrium price is reduced.

3) Due to increase in income people are willing to buy more cars at same prices so due to this reason the demand curve shifted to right and supply of cars increases thus leading to increase in equllibrium price and qunatity.

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