Answered: 1. Make a graph to illustrate the…

Brief Principles of Macroeconomics (MindTap Course List)

8th Edition

ISBN:9781337091985

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter4: The Market Forces Of Supply And Demand

Section: Chapter Questions

Problem 1PA

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Question

1. Make a graph to illustrate the effects of the following events on the demand curve:

a. Gasoline – the major oil companies roll back gasoline prices

b. Coconut – scientists claim that coconut water can cure renal diseases

c. Cellular phones – landline telephone units are installed with cameras and text-ready features

2. Make a graph to illustrate the effects of the following events on the supply curve:

a. Baguio strawberry jams – a landslide occurs on the main roads leading out of the city

b Rice – a bill increasing fertilizer subsid is passed in congress

c. Eggs – a new chicken breed that can lay twice as many eggs has been developed

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Consider the market for minivans. For each of the events listed here, identify which of the determinants of demand or supply are affected. Also indicate whether demand or supply increases or decreases. Then draw a diagram to show the effect on the price and quantity of minivans. a. People decide to have more children. b. A strike by steelworkers raises steel prices. c. Engineers develop new automated machinery for the production of minivans. d. The price of sports utility vehicles rises. e. A stock market crash lowers peoples wealth.
Which of the following changes in the financial market will lead In an increase in the quantity of loans made and received: a rise in demand a fall in demand a rise in supply a fall in supply
Many changes are affecting the market for oil. Predict how each of the following events will affect the equilibrium price and quantity in the market for oil. In each case, state how the event will affect the supply and demand diagram. Create a sketch of the diagram if necessary. Cars are becoming more fuel efficient, and therefore get more miles to the gallon. The winter is exceptionally cold. A major discovery of new oil is made off the coast of Norway. The economies of some major oil-using nations, like Japan, slow down. A war in the Middle East disrupts oil-pumping schedules. Landlords install additional insulation in buildings. The price of solar energy falls dramatically. Chemical companies invent a new, popular kind of plastic made from oil.

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