Using Supply and Demand Analysis
Exploration: Your task is to predict what will happen in the market for each of the goods.

The interactive graph above can be used to enhance our understanding of demand and supply analysis. To use the graph, shift either the supply or demand curve, by clicking on the curve's label and, holding down the left mouse button, dragging the curve to the new location. Once the curves are in place, release the mouse button and click on the New Equilibrium button to observe the changes in price and quantity. Describe what likely happens to market price and quantity for the particular goods in each of the following cases:

1. Government imposes an excise tax on tobacco companies. Market: cigarettes.
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2. Increased global production of goods and services is spurred on to a greater extent more by significant economic growth in China and India. Concurrently, Saudi Arabia leads other members of OPEC (Oil Producing Exporting Countries) in curtailing oil production. Market: oil.
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3. Consumer incomes rise and wages paid automotive workers falls. Market: new cars.
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4. Government imposes costly new regulation impacting chicken processing plants and beef prices fall. Market: chicken.
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5. People expect the price of big screen TVs to fall and new digital light processing technology significantly reduces the cost of producing big screen TVs. Market: big screen televisions.
   See answer here