Skip to main content

demand and supply curves

By

 Answer the following problems found in your textbook in the back of the corresponding chapter. Upload your answers through Blackboard:

  • Chapter 4: Questions 1, 2, 3, 4, 11, 12, 13, and 14 on p. 73

Your completed Homework assignment must be at least three to four pages in length. All sources used, including the textbook, must be referenced; paraphrased and quoted material must have accompanying citations. All references and citations used must be in APA style.

4-1 Explain why a demand curve slopes downward

1. (Shifting Demand) Using demand and supply curves, show the effect of each of the following on the market for cigarettes:

a.    A cure for lung cancer is found.

b.    The price of cigars increases.

c.     Wages increase substantially in states that grow tobacco.

d.    A fertilizer that increases the yield per acre of tobacco is discovered.

e.    There is a sharp increase in the price of matches, lighters, and lighter fluid.

f.      More states pass laws restricting smoking in restaurants and public places.

2. (Substitutes and Complements) For each of the following pair of goods, determine whether the goods are substitutes, complements, or unrelated:

a.    Peanut butter and jelly

b.    Privateandpublictransportation

c.     Coke and Pepsi

d.    Alarmclocksandautomobiles

e.    Golf clubs and golf balls

4-2 Identify five things which could shift a demand curve to the right or left

3. (Demand Shifters) List five things that are held constant along a market demand curve, and identify the change in each that would shift that demand curve to the right— that is, that would increase demand.

4-3 Explain why a supply curve usually slopes upward

4. (Supply) Why is a firm willing and able to increase the quantity supplied as the product price increases?

4-6 Predict the impact of a change in demand or supply on the equilibrium price and quantity

11. (Equilibrium) “If a price is not an equilibrium price, there is a tendency for it to move to its equilibrium level. Regardless of whether the price is too high or too low to begin with, the adjustment process will increase the quantity of the good purchased.” Explain, using a demand and supply diagram.

12. (Equilibrium) Assume that the market for corn is depicted as in the table that appears below.

a.    Completethetablebelow.

b.    What market pressure occurs when quantity demanded exceeds quantity supplied? Explain.

c.     What market pressure occurs when quantity supplied exceeds quantity demanded? Explain.

d.    What is the equilibrium price?

e.    What could change the equilibrium price?

f.      At each price in the first column of the table below, how much is sold?

13. (Market Equilibrium) Determine whether each of the fol- lowing statements is true, false, or uncertain. Then briefly explain each answer.

a.    In equilibrium, all sellers can find buyers.

b.    In equilibrium, there is no pressure on the market to produce or consume more than is being sold. c. At prices above equilibrium, the quantity exchanged exceeds the quantity demanded.

c.     At prices below equilibrium, the quantity exchanged is equal to the quantity supplied

14. (Changes in Equilibrium) What are the effects on the equilib- rium price and quantity of steel if the wages of steelwork- ers rise and, simultaneously, the price of aluminum rises?


  • Assignment status: Solved by our Writing Team at CapitalEssayWriting.com
  •  
  • CLICK HERE TO ORDER THIS PAPER AT CapitalEssayWriting.com

    •

    Comments

    Post a Comment

    Popular posts from this blog

    Starting with this provided code, add the following functionality

    By
    1.Starting with this provided code, add the following functionality: Replace hardcoded strings “Zero”, “One”, “Two”, “Three” in the ArrayList based on user typed input (use Scanner or JOptionPane classes). The user will be prompted for the String to be stored in the ArrayList and then hit enter. The user will be able to continue to add items to the ArrayList until they just hit enter without typing anything. Once the user does this (hits enter without typing anything), the program will display all of the elements of the ArrayList, both the index and String values, in a table. It will do this via a single loop making use of an iterator method. 2. Starting with this provided code, add the following functionality: Use a Try/Catch block so that the exception is caught and the program exits a bit more gracefully. Save this file as TryCatch.java. (Be sure to rename the Public Class accordingly.) Starting with the provided code again (without the Try/Catch block), fix the code so that
    2 comments
    Read more

    Josie Eskander

    By
      Question 1: Task 1: Report Assume you are Josie Eskander. You are writing in response to techno trading P/L’s advertisement of a new laptop at 20% below normal price. You want information on brand name, availability of service and repairs, delivery times and methods of payment. Write the letter using the seven basic parts of the letter. In the opening paragraph present a clear and courteous request. Secondly write a response from techno trading giving details and proposing the sale. Provide draft of both emails in the space below. Question 2: Task 2: Report In pairs, nominate a good and a bad letter writer. Discuss the key differences. Write a good/bad letter from techno training to Alex Antonov accepting/declining his proposal to invest in the business Question 3: Task 3: Report Write a letter from techno trading p/l to a new client ‘new realities p/l’ urging them to buy techno new virtual reality software. Make a strong argument for the product. Question 4: Task 4: Report Write a l
    Post a Comment
    Read more

    Sandra Coke is vice president for research and development at Great Lakes Foods (GLF), a large snack food company that has approximately 1,000 employees

    By
    Chapter 2 I Trait Approach 33 CASE 2.1 Choosing a New Director of Research Sandra Coke is vice president for research and development at Great Lakes Foods (GLF), a large snack food company that has approximately 1,000 employees. As a result of a recent reorganization, Sandra must choose the new director of research. The director will report directly to Sandra and will be responsible for developing and testing new products. The research division of GLF employs about 200 people. The choice of directors is important because Sandra is receiving pressure from the president and board of GLF to improve the company's overall growth and productivity. Sandra has identified three candidates for the position. Each candidate is at the same managerial level. She is having difficulty choosing one of them because each has very strong credentials. Alexa Smith is a longtime employee of GLF who started part-time in the mailroom while in high school. After finishing school, Alexa worked in as many as
    2 comments
    Read more