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- Raman noodles are an inferior good. If all consumer's incomes decrease, then the ____ curve shifts causing equilibrium price to _____ and equilibrium quantity to _____. Word bank: Demand, increase, decrease, increase, decrease, supply.The following relations describe monthly demand and supply for a computer support service to small businesses: Qd=3000-10P Qs=-1000+10P whrer Q is the number of businesses that need services and P is the monthly fee, in dollars. a. at what average monthly fee would demand equal zero? b. at what average monthly fee would supply equal zero? c. plot the supply and demand curves. d. what is the equilibrium price/output level? e. Suppose demand increases and leads to a new demand curve: Qd = 3500 - 10P f. Suppose new suppliers enter the market due to the increase in demand so the new suply curve is Q=-500+10P. What are the new equilibrium price and equilibrium quantity? g. Show changes on the graph.Consider the market gold, if people expect a lower future price of gold. Change in demand? Change in supply? Change in market equlibrium price? Change in market equlibrium quantity? Graph?
- Explain grafically the Considerations in setting price?Identify the effect each scenario would have on the market for various products.For each scenario:- Label the P & Q of the graph as well as the original supply curve, demandcurve, and market equilibrium (S1, D1, E1).- Identify whether it would first cause a shift in supply or demand and draw andlabel the new curve and market equilibrium (S2 or D2, E2)-Identify whether the equilibrium price and quantity will increase or decreasea. Insects kill half the nation’s tomato crop. What will happen to the market fortomatoes?b. The price of salmon, a substitute for tuna, skyrockets. What will happen to themarket for tuna?c. New assembly line technology makes it cheaper to produce car parts. Whatwill happen to the market for cars?The following relations describe monthly demand and supply for a computer support service catering to small businesses.Q D = 3,000 - 10PQ S = -1,000 + 10Pwhere Q is the number of businesses that need services and P is the monthly fee, in dollars.a. At what average monthly fee would demand equal zero?b. At what average monthly fee would supply equal zero?c. Plot the supply and demand curves.d. What is the equilibrium price/output level?e. Suppose demand increases and leads to a new demand curve:
- Suppose you are a fly-fishing guide. Your bookings of late have been low, and you are thinking of lowering the price of your guide service. If you lower your price, you’d expect more clients, ceteris paribus. But if other events occur at the same time as you decrease your prices, the expected increase in clients might not happen. Discuss possible outcomes in the following situations: a. You lower your price, and at the same time, many of the local rivers are closed to fishing due to a drought or forest fires. b. You lower your price, and at the same time, a new movie about fly-fishing is released and draws record attendance at the theaters.9. Consider the market for SUVs. a. Start in Equilibrium (be sure to label all relevant points) b. Change at least one of the ceteris paribus conditions. Now consider the market for SUVs if a hurricane hits in the gulf region, damaging some of the oil platforms and oil refineries in the region. c. Examine the changed incentive. Which curve(s) has(have) changed? Why? (i.e. – which of the ceteris paribus conditions have changed?) _______________________________________________________ d. Identify the change(s) in direction, and draw into the above market. e. Finish in equilibrium. What are the effects on price and quantity?(d) Consider the following demand-supply model: P =15−Qd; P =3+Qs Use the equilibrium condition Qd=Qs=Q, and find the equilibrium price and quantity. Show this equilibrium in a graph. (e) What are definitional, behavioral, and conditional equations? Give examples.
- In the following scenarios, you will be given a product and an event. Determine what will happen to the demand for the product based on the event, what happens to the demand curve, and give the non-price determinant that caused it to occur. (chose from the 7 determinants listed in the notes). The first one is answered for you as an example. EXAMPLE/ Product - Hamburgers Event - The price of steak increases EXAMPLE ANSWER/ Demand increases - Curve shifts right - Price of substitutes Salt - The price of salt doubles. 2. Sunscreen - Summer approaches. 3. Big Macs - The population in the United States increases by 20%. 4. Rock Salt - It snows 8 inches over nightQuestion 1: QUESTION d Read the scenario and determine if it wil change the supply or the demand of the market listed. Will equilibrium price increaseor decrease ? Will equilibrium quantit increase or decrease? Market: Sugar produced in the United State Scenario: Tarifts on imported sugar lead U.S, sugar to buy more from U.S, sugar producers. Supply or demand? Equilibrium price? Equillbrium quanity? Market: Chunky Monkey Icecream Scenario: Social Media Influencer Addison Rae advertises Kemps vanilla frozen yogurt to her 100 million followers. Supply or demand? Equilibrium Price? Equilibrium Quanity? Market: New computer Scenario: U.S treasury announces new stimulus check that would be sent to all households. Supply or demand? Equillibrium Price? Equillibrium Quantiy? Market: Trucking Service Scenario: OPEC announces a massive oil production increase driving down the cost of gas Supply or demand? Equilibrium Price? Equilibrium Quantity?A New York real estate firm priced a house they were selling below reasonable expectation regarding an unknown equilibrium price. Why ? Explain the firms strategy using economic theory
