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
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
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 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
4. Tobacco: There is a decrease in smoking age
5. Ice Cream: There is a decrease in the cost of milk, and it is unseasonably warm today
6. 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 labor
7. Tattoos: A new medical journal has released information that tattoos can cause skin cancer, state officials implement stricter licensing laws for tattoo artists
8. 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.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ffea94a50-e8e7-419f-bb62-28be718638fb%2Ff9781706-6e7f-4bde-a997-4b9a08e1b303%2Ff8ocb4_processed.png&w=3840&q=75)
Transcribed Image Text: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
4. Tobacco: There is a decrease in smoking age
5. Ice Cream: There is a decrease in the cost of milk, and it is unseasonably warm today
6. 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 labor
7. Tattoos: A new medical journal has released information that tattoos can cause skin cancer, state officials implement stricter licensing laws for tattoo artists
8. 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.
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 4 steps with 3 images
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Recommended textbooks for you
![ENGR.ECONOMIC ANALYSIS](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9780190931919/9780190931919_smallCoverImage.gif)
![Principles of Economics (12th Edition)](https://www.bartleby.com/isbn_cover_images/9780134078779/9780134078779_smallCoverImage.gif)
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
![Engineering Economy (17th Edition)](https://www.bartleby.com/isbn_cover_images/9780134870069/9780134870069_smallCoverImage.gif)
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
![ENGR.ECONOMIC ANALYSIS](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9780190931919/9780190931919_smallCoverImage.gif)
![Principles of Economics (12th Edition)](https://www.bartleby.com/isbn_cover_images/9780134078779/9780134078779_smallCoverImage.gif)
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
![Engineering Economy (17th Edition)](https://www.bartleby.com/isbn_cover_images/9780134870069/9780134870069_smallCoverImage.gif)
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
![Principles of Economics (MindTap Course List)](https://www.bartleby.com/isbn_cover_images/9781305585126/9781305585126_smallCoverImage.gif)
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
![Managerial Economics: A Problem Solving Approach](https://www.bartleby.com/isbn_cover_images/9781337106665/9781337106665_smallCoverImage.gif)
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
![Managerial Economics & Business Strategy (Mcgraw-…](https://www.bartleby.com/isbn_cover_images/9781259290619/9781259290619_smallCoverImage.gif)
Managerial Economics & Business Strategy (Mcgraw-…
Economics
ISBN:
9781259290619
Author:
Michael Baye, Jeff Prince
Publisher:
McGraw-Hill Education