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This worksheet provides information for the MARKET FOR CELL PHONES. For each of these unrelated events, do the following: (1) Determine and write if the particular event represents THE LAW OF DEMAND or a FACTORS SHIFTING DEMAND; (2) If you decide the event is a factor shifting demand, state the specific shifting factor of demand; (3) Draw the graph of the market (both supply and demand) for cell phones and illustrate how you think the event impacts the market for cell phones (see Figures 4.1, 4.2, 4.3, 4.4, and Table 4.1) The price of a cell phone falls 1. 2. Everyone believes that the price of a cell phone will fll next month. 3. The price of a call made from a cell phone falls.

This worksheet provides information for the MARKET FOR CELL PHONES. For each of these unrelated events, do the following: (1) Determine and write if the particular event represents THE LAW OF DEMAND or a FACTORS SHIFTING DEMAND; (2) If you decide the event is a factor shifting demand, state the specific shifting factor of demand; (3) Draw the graph of the market (both supply and demand) for cell phones and illustrate how you think the event impacts the market for cell phones (see Figures 4.1, 4.2, 4.3, 4.4, and Table 4.1) The price of a cell phone falls 1. 2. Everyone believes that the price of a cell phone will fll next month. 3. The price of a call made from a cell phone falls.

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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I need help on both of thses questions. Thank you! 

ZOOM + This worksheet provides information for the MARKET FOR CELL PHONES. For each of these unrelated events, do the following: (1) Determine and write if the particular event represents THE LAW OF DEMAND or a FACTORS SHIFTING DEMAND; (2) If you decide the event is a factor shifting demand, state the specific shifting factor of demand; (3) Draw the graph of the market (both supply and demand) for cell phones and illustrate how you think the event impacts the market for cell phones (see Figures 4.1, 4.2, 4.3, 4.4, and Table 4.1) 1. The price of a cell phone falls 2. Everyone believes that the price of a cell phone will fall next month. 3. The price of a call made from a cell phone falls. 4. The price of a call made from a land-line phone increases. 5. The introduction of camera phones makes cell phones more popular
Transcribed Image Text:ZOOM + This worksheet provides information for the MARKET FOR CELL PHONES. For each of these unrelated events, do the following: (1) Determine and write if the particular event represents THE LAW OF DEMAND or a FACTORS SHIFTING DEMAND; (2) If you decide the event is a factor shifting demand, state the specific shifting factor of demand; (3) Draw the graph of the market (both supply and demand) for cell phones and illustrate how you think the event impacts the market for cell phones (see Figures 4.1, 4.2, 4.3, 4.4, and Table 4.1) 1. The price of a cell phone falls 2. Everyone believes that the price of a cell phone will fall next month. 3. The price of a call made from a cell phone falls. 4. The price of a call made from a land-line phone increases. 5. The introduction of camera phones makes cell phones more popular
ZOOM + This worksheet provides information for the MARKET FOR TIMBER BEAMS. For each of these unrelated events, do the following: (1) Determine and write if the particular event represents THE LA F SUPPLY or a FACTOR SHIFTING SUPPLY; (2) If you decide the event is a shifting factor of supply, state the specific shifting factor of supply; (3) Draw the graph of the market (both supply and demand) for timber beams and illustrate how you think the event impacts the market for timber beams (see Figures 4.5, 4.6, 4.7, and 4.8 and Table 4.2 for supply issues) 1. The wage rate of sawmill workers rises. 2. The price of sawdust rises. (Hint: Sawmill equipment is capable of producing both timber beams and sawdust) 3. The price of a timber beam rises. 4. The price of a timber beam is expected to rise next year. Environmentalists convince Congress to introduce a new law that reduces the amount of forest that can be cut for timber products. 5. A new technology lowers the cost of producing timber beams.
Transcribed Image Text:ZOOM + This worksheet provides information for the MARKET FOR TIMBER BEAMS. For each of these unrelated events, do the following: (1) Determine and write if the particular event represents THE LA F SUPPLY or a FACTOR SHIFTING SUPPLY; (2) If you decide the event is a shifting factor of supply, state the specific shifting factor of supply; (3) Draw the graph of the market (both supply and demand) for timber beams and illustrate how you think the event impacts the market for timber beams (see Figures 4.5, 4.6, 4.7, and 4.8 and Table 4.2 for supply issues) 1. The wage rate of sawmill workers rises. 2. The price of sawdust rises. (Hint: Sawmill equipment is capable of producing both timber beams and sawdust) 3. The price of a timber beam rises. 4. The price of a timber beam is expected to rise next year. Environmentalists convince Congress to introduce a new law that reduces the amount of forest that can be cut for timber products. 5. A new technology lowers the cost of producing timber beams.
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ZOOM + This worksheet provides information for the MARKET FOR CELL PHONES. For each of these unrelated events, do the following: (1) Determine and write if the particular event represents THE LAW OF DEMAND or a FACTORS SHIFTING DEMAND; (2) If you decide the event is a factor shifting demand, state the specific shifting factor of demand; (3) Draw the graph of the market (both supply and demand) for cell phones and illustrate how you think the event impacts the market for cell phones (see Figures 4.1, 4.2, 4.3, 4.4, and Table 4.1) 1. The price of a cell phone falls 2. Everyone believes that the price of a cell phone will fall next month. 3. The price of a call made from a cell phone falls. 4. The price of a call made from a land-line phone increases. 5. The introduction of camera phones makes cell phones more popular
Transcribed Image Text:ZOOM + This worksheet provides information for the MARKET FOR CELL PHONES. For each of these unrelated events, do the following: (1) Determine and write if the particular event represents THE LAW OF DEMAND or a FACTORS SHIFTING DEMAND; (2) If you decide the event is a factor shifting demand, state the specific shifting factor of demand; (3) Draw the graph of the market (both supply and demand) for cell phones and illustrate how you think the event impacts the market for cell phones (see Figures 4.1, 4.2, 4.3, 4.4, and Table 4.1) 1. The price of a cell phone falls 2. Everyone believes that the price of a cell phone will fall next month. 3. The price of a call made from a cell phone falls. 4. The price of a call made from a land-line phone increases. 5. The introduction of camera phones makes cell phones more popular
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