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 specifying the other sub-parts that you would like answered. Demand Curve: - demand curve is the graphical way of showing the relationship between the quantity demanded and the price of a good. A negatively sloped demand curve shows the inverse relationship between quantity demanded and price, which means if the price of a good increases then the quantity demanded decreases and if the price of a good decreases then the quantity demanded increases. Supply Curve: - supply curve is the graphical way of showing the relationship between the quantity supplied and the price of a good. There is a direct relationship between the quantity supplied and the price for normal goods which means if price increases quantity supplied increases and if price decreases quantity supplied decreases.1. The increase in birthrate would affect the demand for kids' toys; it would increase the demand for kids' toys in the market because an increase in birthrate would increase the number of children and an increase in the number of children would increase the demand for kids' toys in the economy. The increase in the demand for kids' toys would shift the demand curve for kids' toys rightward from DD1 to DD2 and the new equilibrium in the market will be established at point E2 where the new demand curve DD2 intersects the supply curve. The new equilibrium results in an increase in equilibrium price from P1 to P2 and equilibrium quantity from Q1 to Q2.2. Train and airplane are substitute goods that indicate those goods that can be consumed in place of each other. People will substitute their consumption from airplanes to train because of the increase of air fare costs which would increase the demand for train and the increase in the demand for the train would result in the rightward shift of the demand curve for train from DD1 to DD2 and the new equilibrium in the market will be established at point E2 where the new demand curve DD2 intersects the supply curve. The new equilibrium results in an increase in equilibrium price train ticket from P1 to P2 and equilibrium quantity from Q1 to Q2.3. The expectation of the rise in the future price of lumber would increase the demand for lumber in the economy because due to the expectation of the increase in the price of lumber in the future people will buy more lumber today which would increase the demand for lumber from DD1 to DD2 and the new equilibrium in the market will be established at point E2 where the new demand curve DD2 intersects the supply curve. The new equilibrium results in an increase in equilibrium price from P1 to P2 and equilibrium quantity from Q1 to Q2.

Business

Economics

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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