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Carefully explain what is happening in the following market. Indicate the impact if any on demand, supply, price and quantity: In the new academic year the university mandates that all new students must take Principles of Economics as a core requirement for their majors. Concurrently, the bookshop made their order for Principles of Economics textbook based on the number of registered students in the previous academic year. HINT: In the previous academic year only Economics and Management Studies majors were required to take Principles of Economics. Impact on supply Choose... Impact on price Choose... Impact on quantity Choose... Impact on demand Choose... ◆ + ♦ Change in quantity uncertain Decrease equilibrium price Increase towards equilibrium Shift outwards / to right Excess demand Decrease towards equilibrium Shift inwards / to left Increase equilibrium quantity Excess supply Shift outwards / to right Decrease equilibrium quantity Change in price uncertain Increase equilibrium price No impact

Carefully explain what is happening in the following market. Indicate the impact if any on demand, supply, price and quantity: In the new academic year the university mandates that all new students must take Principles of Economics as a core requirement for their majors. Concurrently, the bookshop made their order for Principles of Economics textbook based on the number of registered students in the previous academic year. HINT: In the previous academic year only Economics and Management Studies majors were required to take Principles of Economics. Impact on supply Choose... Impact on price Choose... Impact on quantity Choose... Impact on demand Choose... ◆ + ♦ Change in quantity uncertain Decrease equilibrium price Increase towards equilibrium Shift outwards / to right Excess demand Decrease towards equilibrium Shift inwards / to left Increase equilibrium quantity Excess supply Shift outwards / to right Decrease equilibrium quantity Change in price uncertain Increase equilibrium price No impact

MACROECONOMICS
MACROECONOMICS
14th Edition
ISBN:9781337794985
Author:Baumol
Publisher:Baumol
Chapter4: Supply And Demand: An Initial Look
Section: Chapter Questions
Problem 2TY
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Carefully explain what is happening in the following market. Indicate the impact if any on demand, supply, price and quantity: In the new academic year the university mandates that all new students must take Principles of Economics as a core requirement for their majors. Concurrently, the bookshop made their order for Principles of Economics textbook based on the number of registered students in the previous academic year. HINT: In the previous academic year only Economics and Management Studies majors were required to take Principles of Economics. Impact on supply Impact on price Impact on quantity Choose... Impact on demand Choose.... Choose... Choose... 4 ( Change in quantity uncertain Decrease equilibrium price Increase towards equilibrium Shift outwards / to right Excess demand Decrease towards equilibrium Shift inwards / to left Increase equilibrium quantity Excess supply Shift outwards / to right Decrease equilibrium quantity Change in price uncertain Increase equilibrium price No impact
Transcribed Image Text:Carefully explain what is happening in the following market. Indicate the impact if any on demand, supply, price and quantity: In the new academic year the university mandates that all new students must take Principles of Economics as a core requirement for their majors. Concurrently, the bookshop made their order for Principles of Economics textbook based on the number of registered students in the previous academic year. HINT: In the previous academic year only Economics and Management Studies majors were required to take Principles of Economics. Impact on supply Impact on price Impact on quantity Choose... Impact on demand Choose.... Choose... Choose... 4 ( Change in quantity uncertain Decrease equilibrium price Increase towards equilibrium Shift outwards / to right Excess demand Decrease towards equilibrium Shift inwards / to left Increase equilibrium quantity Excess supply Shift outwards / to right Decrease equilibrium quantity Change in price uncertain Increase equilibrium price No impact
Explain how the following situation would affect a nation's production possibilities curve. A country produces cars and computers. A new technology that saves time in the car production process is discovered and implemented. What happens to PPF Choose... Explanation Choose... « 4 PPF shifts inwards Increased production given resources Increase in resources PPF shifts outwards Reduction in resources Unused resources Produce inside PPF Pivot outwards along the computer axis. Produce outside PPF
Transcribed Image Text:Explain how the following situation would affect a nation's production possibilities curve. A country produces cars and computers. A new technology that saves time in the car production process is discovered and implemented. What happens to PPF Choose... Explanation Choose... « 4 PPF shifts inwards Increased production given resources Increase in resources PPF shifts outwards Reduction in resources Unused resources Produce inside PPF Pivot outwards along the computer axis. Produce outside PPF
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