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 OFDEMAND or a FACTORS SHIFTING DEMAND; (2) If you decide the event is a factor shifting demand, state the specific shiftingfactor of demand; (3) Draw the graph of the market (both supply and demand) for cell phones and illustrate how you think theevent 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 falls2.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 FSUPPLY or a FACTOR SHIFTING SUPPLY; (2) If you decide the event is a shifting factor of supply, state the specific shifting factor ofsupply; (3) Draw the graph of the market (both supply and demand) for timber beams and illustrate how you think the eventimpacts 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 canbe cut for timber products.5.A new technology lowers the cost of producing timber beams.

The initial demand and supplied curve for cell phones is as follows Where P* and Q* be the initial…

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.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter3: Demand And Supply

Section: Chapter Questions

Problem 3SCQ: In an analysis of the market for paint, an economist discovers the facts listed below. State whether...

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In an analysis of the market for paint, an economist discovers the facts listed below. State whether each of these changes will affect supply or demand, and in what direction. There have recently been some important cost-saving inventions in the technology for making paint. Paint is lasting longer so that property owners need not repaint as often. Because of severe hailstorms, many people need to repaint now. The hailstorms damaged several factories that make paint, forcing them to close down for several months.
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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https://www.investopedia.com/ask/answers/033115/how-does-law-supply-and-demand-affect-prices.asp#:~:text=There%20is%20an%20inverse%20relationship,quantity%20of%20goods%20and%20services. review the following article found in Investopedia, Kramer, L. (April 29th, 2021). How does the law of supply and demand affect prices? Investopedia. Most goods respond to the relationship between price, supply, and demand. What happens when price controls are put in place such as for gasoline in the 1970s? Why? When does the Fed reduce interest rates and why? When does the Fed increase interest rates and why?
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In 2018, a cold front in Barbados increased both the demand for water heaters andgasolines. The usage of gasoline was 581 tonnes, an increase from 499 tonnes in theprevious year. The Petroleum Company of Barbados advised Government officials thatdemand could outweigh supply and asked companies to increase the supply. They alsoasked major gasoline users, such as power plants, to reduce demand.i. Illustrate the effect of the cold front on the demand for gasoline using a demandcurve diagram over the two years. ii. Assuming the Petroleum Company of Barbados did not issue a directive for anincrease in supply and a decrease in demand, explain the problem that would existin the economy and how would this be corrected over time. iii. Illustrate the effect of major gasoline suppliers increasing supply as well as usersreducing their demand. iv. Discuss one factor EACH that you think influence demand and supply for waterheaters. Provide examples v. Is demand for gas is price elastic or price…
In 2018, a cold front in Barbados increased both the demand for water heaters andgasolines. The usage of gasoline was 581 tonnes, an increase from 499 tonnes in theprevious year. The Petroleum Company of Barbados advised Government officials thatdemand could outweigh supply and asked companies to increase the supply. They alsoasked major gasoline users, such as power plants, to reduce demand. i. Illustrate the effect of the cold front on the demand for gasoline using a demandcurve diagram over the two years. ii. Assuming the Petroleum Company of Barbados did not issue a directive for anincrease in supply and a decrease in demand, explain the problem that would existin the economy and how would this be corrected over time.