Chapter 4 ALA

.docx

School

Grand Valley State University *

*We aren’t endorsed by this school

Course

211

Subject

Economics

Date

Apr 3, 2024

Type

docx

Pages

3

Uploaded by CountEelMaster1154

Report
ECO 211 Active Learning Assignment Chapter 4 1. Draw a demand curve for “On Demand” Fitness videos.  What happens to the Demand for these fitness videos in each of the following scenarios?  a. The price of “On Demand” Fitness videos falls increase which will lead to a movement downward along the demand curve. b. The price of a gym membership increases Demand for “On Demand” Fitness videos will increase c. Income increases Fitness videos will increase d. # of people downloading fitness videos decreases Fitness videos will decrease e. Buyers preference to working out at home increases Fitness videos will increase f. On Demand Fitness videos are expected to become less expensive in the future Fitness videos will decrease 2. Draw a supply curve for homework software (i.e. Connect and MindTap). What happens to it in each of the following scenarios? a. Demand for the software decreases. decrease because a decrease in demand causes the price of homework software to decrease which leads to a movement along the supply curve. b. Wages of software developers increase. Supply of homework software will decrease shift to the left c. The number of homework software companies increase in the market. d. – Supply of homework software will increase shift to the right e. A technological advance allows the software to be produced at lower cost. Supply of homework software will increase 1
ECO 211 Active Learning Assignment Chapter 4 Price (dollars per disc) Quantity demanded Quantity supplied 4 36,000 4,000 8 32,000 8,000 12 28,000 12,000 16 24,000 16,000 20 20,000 20,000 24 16,000 24,000 28 12,000 28,000 32 8,000 32,000 36 4,000 36,000 3. Answer the following questions using the table above. a. What are the equilibrium price and quantity? 20 and 20,000 b. If the price were $8, the market would have a ____shortage________ c. If the price were $24, the market would have a ___surplus_________ 4. Graphically illustrate the effect of the following events on the equilibrium price and quantity of The Weeknd concert tickets. Event A: The Weeknd stars in the NFL Super Bowl Halftime Show and people love the performance Event B: Various venues across the country close due to Covid restrictions. Event C: Events A and B both occur. 5. Question Adapted from Econeveryday.com Head West, Young Man…Unless You Need Water. Read the following passage and answer the questions. In the face of climate change, droughts, and increased demand from urban/residential areas, the US Bureau of Reclamation is ordering farmers to significantly cut their water usage. A major source of water for the American West, the Colorado River has been depleting its water supply for many years. Lake Meade, a reservoir supplied by the Colorado River, has been so depleted of water that the low levels are threating the local tourism industry and hydroelectric energy production. As a result of the cuts, farmers are facing some difficult choices. Some have adapted water-saving technologies, such as drip-irrigation and planting drought-resistant crops. Others have simply decided to plant smaller plots of land. Many farmers grow crops that are used for livestock feed, which has downstream effects on ranchers. Many ranchers who bought feed locally will now have to purchase from 2
Your preview ends here
Eager to read complete document? Join bartleby learn and gain access to the full version
  • Access to all documents
  • Unlimited textbook solutions
  • 24/7 expert homework help
Recommended textbooks for you
Text book image
Essentials of Economics (MindTap Course List)
Economics
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:Cengage Learning
Text book image
Exploring Economics
Economics
ISBN:9781544336329
Author:Robert L. Sexton
Publisher:SAGE Publications, Inc
Text book image
Principles of Economics (MindTap Course List)
Economics
ISBN:9781305585126
Author:N. Gregory Mankiw
Publisher:Cengage Learning
Text book image
Brief Principles of Macroeconomics (MindTap Cours...
Economics
ISBN:9781337091985
Author:N. Gregory Mankiw
Publisher:Cengage Learning
Text book image
Principles of Microeconomics (MindTap Course List)
Economics
ISBN:9781305971493
Author:N. Gregory Mankiw
Publisher:Cengage Learning
Text book image
Principles of Economics, 7th Edition (MindTap Cou...
Economics
ISBN:9781285165875
Author:N. Gregory Mankiw
Publisher:Cengage Learning
SEE MORE TEXTBOOKS
Recommended textbooks for you
Text book image
Essentials of Economics (MindTap Course List)
Economics
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:Cengage Learning
Text book image
Exploring Economics
Economics
ISBN:9781544336329
Author:Robert L. Sexton
Publisher:SAGE Publications, Inc
Text book image
Principles of Economics (MindTap Course List)
Economics
ISBN:9781305585126
Author:N. Gregory Mankiw
Publisher:Cengage Learning
Text book image
Brief Principles of Macroeconomics (MindTap Cours...
Economics
ISBN:9781337091985
Author:N. Gregory Mankiw
Publisher:Cengage Learning
Text book image
Principles of Microeconomics (MindTap Course List)
Economics
ISBN:9781305971493
Author:N. Gregory Mankiw
Publisher:Cengage Learning
Text book image
Principles of Economics, 7th Edition (MindTap Cou...
Economics
ISBN:9781285165875
Author:N. Gregory Mankiw
Publisher:Cengage Learning
SEE MORE TEXTBOOKS