1 20 points Question 1.1: Each of the following situations is based on a real event where supply, demand, or both are affected. Depict each situation with a graph. If you shift one or more curves on your graph, explain why. If equilibrium price &/or quantity either increase or decrease, explain this change in words. Be sure to identify cases for which the direction of change is ambiguous (given the information you have). A. Market: Nursing Schools. Event: A trade publication reports that, "many hospitals and medical institutions are now requiring most or all of their registered nurses to hold bachelor's degrees within the next decade. That has sent many working nurses back to school." B. Market: Gasoline. Event: A magazine article claims that electric cars are becoming mainstream and will eventually be more common than gasoline- powered vehicles. (show what happens if this proves to be true). C. Market: Child Care. Event: The government imposes new licensing and reporting requirements on facilities providing child care. At the same time, the economy improves so more parents return to the workforce and need childcare services.

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