4. Show in a diagram the effect on the demand curve, the supply curve, the equilibriumprice, and the equilibrium quantity of each of the following events.a. The market for newspapers in your town.Case 1:Case 2:b. The market for St. Louis Rams cotton T-shirts.Case 1:Case 2:The salaries of journalists go up.There is a big news event in your town, which is reported in thenewspapers.Case 1:Case 2:c. The market for bagels.The Rams win the national championship.The price of cotton increases.Case 2:People realize how fattening bagels are.People have less time to make themselves a cooked breakfast.d. The market for the Krugman and Wells economics textbook.Case 1:Your professor makes it required reading for all of his or herstudents.Printing costs for textbooks are lowered by the use of syntheticpaper.

Demand refers to the quantity of a good or service that consumers/buyers are willing and able to…

4. Show in a diagram the effect on the demand curve, the supply curve, the equilibrium price, and the equilibrium quantity of each of the following events. a. The market for newspapers in your town. Case 1: Case 2: The salaries of journalists go up. There is a big news event in your town, which is reported in the newspapers. b. The market for St. Louis Rams cotton T-shirts. Case 1: Case 2: The Rams win the national championship. The price of cotton increases. c. The market for bagels. Case 1: People realize how fattening bagels are

4. Show in a diagram the effect on the demand curve, the supply curve, the equilibrium price, and the equilibrium quantity of each of the following events. a. The market for newspapers in your town. Case 1: Case 2: The salaries of journalists go up. There is a big news event in your town, which is reported in the newspapers. b. The market for St. Louis Rams cotton T-shirts. Case 1: Case 2: The Rams win the national championship. The price of cotton increases. c. The market for bagels. Case 1: People realize how fattening bagels are

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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K The graph shows the supply curve of sweaters. Now the number of suppliers of sweaters decreases and all other influences on selling plans remain the same. Draw a curve that shows what happens to the supply of sweaters today. Label it. >>> Check that your new supply curve obeys the law of supply. 160 140- 120- 100- 80- 60+ 40- 20- 0- Price (dollars per sweater) 0 S 3 5 Quantity (millions of sweaters per year) >>> Draw only the objects specified in the question. 6 Q o G
5. The following table gives the daily supply and demand for Apple Juice at a sporting event: Quantity supplied Quantity Price, S demanded 2.10 800 7,200 1.80 1,600 4,800 1.60 2,400 2,400 1.40 3,200 1,600 1.20 4,100 950 a. What is the equilibrium price of juice? Explain b. If the organizers of the sporting event decide to set the price at 1.60, how many bottles of juice will demanded, supplied? How many bottles of juice will be sold?
Problem 2 The following table shows the behavior of buyers and sellers in a Pizzeria. price per pizza in $ 0.5 1 1.5 2 2.5 3 3.5 quantity requested 280 260 225 170 105 60 35 quantity available 40 135 225 265 290 310 320 a- Draw the demand and supply curves, name the axes. Interpret the shape of the two curves. b- What is the equilibrium price and quantity. c- If the price was initially set at $2, explain how can we return to equilibrium? d- If the price was initially set at $0.5, explain how can we return to equilibrium?