I want to see if you could make a graph for me and show me how to do this. For this extra credit, you must draw a complete supply and demand graph with explanation for the following cases. Each explanation should include what happens to equilibrium price, and equilibriumquantity. Note: Scenarios 5-8 must include two graphs.1. Kids Toys: An increase in the birthrate on the market for kids' toys.2. Train Tickets: An increase in air fare costs3. Lumber: There is an expectation of a substantial rise in future lumber prices4. Tobacco: There is a decrease in smoking age5. Ice Cream: There is a decrease in the cost of milk, and it is unseasonably warm today6. Coke: Pepsi has increased the costs of its products in the United States, and some of the Coke factories are shut down due to a lack of cheap labor7. Tattoos: A new medical journal has released information that tattoos can cause skin cancer, state officials implement stricter licensing laws for tattoo artists8. Cherries: The price of apples has decreased.9. Rent: Grand Rapids institutes a new rent control policy (i.e. price ceiling).10. Wheat: The EU wants to make sure that the wheat farmers make enough to continue functioning, a price floor is put into place for wheat.

Since we only answer up to 3 sub-parts we will answer the first 3. Please resubmit the question…

For this extra credit, you must draw a complete supply and demand graph with explanation for the following cases. Each explanation should include what happens to equilibrium price, and equilibrium quantity. Note: Scenarios 5-8 must include two graphs. 1. Kids Toys: An increase in the birthrate on the market for kids' toys. 2. Train Tickets: An increase in air fare costs 3. Lumber: There is an expectation of a substantial rise in future lumber prices

For this extra credit, you must draw a complete supply and demand graph with explanation for the following cases. Each explanation should include what happens to equilibrium price, and equilibrium quantity. Note: Scenarios 5-8 must include two graphs. 1. Kids Toys: An increase in the birthrate on the market for kids' toys. 2. Train Tickets: An increase in air fare costs 3. Lumber: There is an expectation of a substantial rise in future lumber prices

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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