Bellwork: 11-1

Pg. 55, Bellwork: Week of Oct. 29, Part II

1. Imagine that a gallon of gas increases from $2.77 to $3.15 per gallon.
   1. What would change–quantity supplied or supply?
   2. Draw this change as a supply curve.
2. Imagine that the price of steel increases from $10 per pound to $60 per pound.
   1. For a car, what would change–quantity supplied or supply?
   2. Draw a sample supply curve for a car showing this shift.