1. What happens in the identified market to either demand or supply when the following events take place? (Please do not over think this!- only one side will be impacted initially) Demand Increase/Decreas Identify the Event factor/reason that Is responsible for any change Market or Supply e or No Change Issue Buyers expect con prices to rise next month Con Ice Cream The government decides to charge a $0.25 ice cream tax to producers of ice cream New electrical engines are developed that decrease gas consumption by 40% (Gas is refined from oil) New research shows that eating an apple a day reduces cancer. Oil Pears

1. What happens in the identified market to either demand or supply when the following events take place? (Please do not over think this!- only one side will be impacted initially) Demand Increase/Decreas Identify the Event factor/reason that Is responsible for any change Market or Supply e or No Change Issue Buyers expect con prices to rise next month Con Ice Cream The government decides to charge a $0.25 ice cream tax to producers of ice cream New electrical engines are developed that decrease gas consumption by 40% (Gas is refined from oil) New research shows that eating an apple a day reduces cancer. Oil Pears

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

A-Demand and Supply for Gum
Quantity
Supplied
Price
Quantity
Consumers and producers
(eente per
Demanded
pack)
might both be happy with
(milens ef pseke per week)
(mllons of paeke per week)
80
100
160
140
120
100
a price of $0.50.
30
40
50
60
B-Demand and Supply for Potato Chips
120
140
Quantity
Demanded
Quantity
Supplied
Consumers and producers
might both be happy with
a price of $0.60.
Price
(cents per bag)
(millions of bage per week)
(milions of bage per wee)
50
60
70
80
C-Demand and Supply for Apples
160
150
140
130
140
150
160
170
Quantity
Supplied
60
80
100
| 120
Price
Quantity
Consumers and producers
might both be happy wit
a price of $0.40.
(eanta per
Deman
pple)
35
40
45
50
D-Demand and Supply for Long-Distance
100
80
60
40
Phone Calls
Consumers and producers
Quantity
Quantity
might both be happy with
a price of $0.70.
Price
Supplied
(cents per
Demanded
minute)
(minutes per day)
60
70
80
90
E-Demand and Supply for Water Bottles
(minutes per day)
1400
1200
1000
1200
1400
1600
1000
800
Quantity
Demanded
350
300
250
200
Quantity
Supplied
250
300
350
400
Price
Consumers and producers
might both be happy with
a price of $0.30.
(cents per
bettie
20
30
40
50

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astic and inelastic supply The following graph plots a supply curve for some hypothetical good. PRICE (Dollars per unit) 270 135 0 35 W QUANTITY (Units) Supply 112 126 ?
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