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Market Equilibrium Questions 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) Increase/Decreas Identify the Demand or Supply e or No Change Issue Event factor/reason that is responsible for any change Market Buyers expect con prices to rise next month Corn Ice Cream The government decides to charge a $0.25 ice cream tax to producers of ice сream 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 2. Choose two of the scenarios above and graph the results. Then identify whether the equilibrium price and quantity went up or down from the original equilibrium. Price Supply Price Supply Pt Qt 4 Qt + Demand Demand Quantity Quantity 3. For each market, draw whatever new supply or demand curve is needed, labeling each new curve S, or D. Then circle the correct symbol under cach diagram (Tfor increase, - for unchanged, aC for decrease). Remember to shift only one curve in each market. a) Improvements in technology reduce the cost of producing DrD players DVD Plavers Blue Ray Players Demand: DVD Disks Demand: 1-4 1-4 1- Demand: Supply: 1-4 Supply: 1-4 Supply: Equilibrium 1 - price: Equilibrium 1 - price: Equilibrium 1 -4 price:

Market Equilibrium Questions 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) Increase/Decreas Identify the Demand or Supply e or No Change Issue Event factor/reason that is responsible for any change Market Buyers expect con prices to rise next month Corn Ice Cream The government decides to charge a $0.25 ice cream tax to producers of ice сream 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 2. Choose two of the scenarios above and graph the results. Then identify whether the equilibrium price and quantity went up or down from the original equilibrium. Price Supply Price Supply Pt Qt 4 Qt + Demand Demand Quantity Quantity 3. For each market, draw whatever new supply or demand curve is needed, labeling each new curve S, or D. Then circle the correct symbol under cach diagram (Tfor increase, - for unchanged, aC for decrease). Remember to shift only one curve in each market. a) Improvements in technology reduce the cost of producing DrD players DVD Plavers Blue Ray Players Demand: DVD Disks Demand: 1-4 1-4 1- Demand: Supply: 1-4 Supply: 1-4 Supply: Equilibrium 1 - price: Equilibrium 1 - price: Equilibrium 1 -4 price:

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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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
Transcribed Image Text: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
Market Equilibrium Questions 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) Increase/Decreas Identify the Demand or Supply e or No Change Issue Market Event factor/reason that is responsible for any change Buyers expect corn prices to rise next month Corn 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 2. Choose two of the scenarios above and graph the results. Then identify whether the equilibrium price and quantity went up or down from the original equilibrium. Price Supply Price Supply Pt + Qt 4 Qt 4 Demand Demand Quantity Quantity 3. For each market, draw whatever new supply or demand curve is needed, labeling each new curve S, or D. Then circle the correct symbol under cach diagram (ffor increase, - for unchanged, aC for decrease). Remember to shift only one curve in each market. a) Improvements in technology reduce the cost of producing Drb players P. D. DVD Plavers Blue Ray Players DVD Disks Demand: 1-4 Demand: 1-4 Demand: Supply: 1-4 Supply: 1-4 Supply: 1- 4 Equilibrium 1 - price: Equilibrium 1 - price: Equilibrium 1 price:
Transcribed Image Text:Market Equilibrium Questions 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) Increase/Decreas Identify the Demand or Supply e or No Change Issue Market Event factor/reason that is responsible for any change Buyers expect corn prices to rise next month Corn 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 2. Choose two of the scenarios above and graph the results. Then identify whether the equilibrium price and quantity went up or down from the original equilibrium. Price Supply Price Supply Pt + Qt 4 Qt 4 Demand Demand Quantity Quantity 3. For each market, draw whatever new supply or demand curve is needed, labeling each new curve S, or D. Then circle the correct symbol under cach diagram (ffor increase, - for unchanged, aC for decrease). Remember to shift only one curve in each market. a) Improvements in technology reduce the cost of producing Drb players P. D. DVD Plavers Blue Ray Players DVD Disks Demand: 1-4 Demand: 1-4 Demand: Supply: 1-4 Supply: 1-4 Supply: 1- 4 Equilibrium 1 - price: Equilibrium 1 - price: Equilibrium 1 price:
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