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# Draw graphs to illustrate the difference between a decrease in quantity supplied and a decrease in supply for condominiums. Give a possible reason…

4. Draw graphs to illustrate the difference between a

decrease in quantity supplied and a decrease in

supply for condominiums. Give a possible reason

for change in each graph.

6 Predict the direction of change for either supply

or demand in the following situations:

a. Several new companies enter the cell phone

industry.

b. Consumers suddenly decide SUVs are

unfashionable.

c. The U.S. surgeon general issues a report stating

that tomatoes prevent colds.

d. Frost threatens to damage the coffee crop, and

consumers expect the price to rise sharply in

the future.

e. The price of tea falls. What is the effect on the

coffee market?

f. The price of sugar rises. What is the effect on

the coffee market?

g. Tobacco lobbyists convince Congress to

remove the tax paid by sellers on each carton

of cigarettes sold.

h. A new type of robot is invented that will pick

peaches.

i. Nintendo anticipates that the future price

of its games will fall much lower than the current price.

8.Using Exhibit A-6, and assuming the market

is in equilibrium at QE, identify areas ACD,

DCE, and ACE. Now explain the result of

underproduction at Q in terms of areas BCG,

GCF, and BCF.

1. Market researchers have studied the market

for milk, and their estimates for the supply

of and the demand for milk per month are

as follows:

a. Using the data, graph the demand for and

the supply of milk. Identify the equilibrium

point as E, and use dotted lines to connect E

to the equilibrium price on the price axis

and the equilibrium quantity on the quantity

axis.

b. Suppose the government enacts a milk price

support of \$8 per gallon. Indicate this action

on your graph, and explain the effect on the

milk market. Why would the government

establish such a price support?

c. Now assume the government decides to set a

price ceiling of \$4 per gallon. Show and

explain how this legal price affects your graph

of the milk market. What objective could the

government be trying to achieve by establishing

such a price ceiling?

10. Which of the following are public goods?

a. Air bags.

b. Pencils.

c. Cycle helmets.

d. City streetlights.

e. Contact lenses.

4. Consider the following demand schedule:

What is the price elasticity of demand between

a. P = \$25 and P = \$20?

b. P = \$20 and P = \$15?

c. P = \$15 and P = \$10?

d. P = \$10 and P = \$5?

6. Will each of the following changes in price cause

total revenue to increase, decrease, or remain

unchanged?

a. Price falls, and demand is elastic.

b. Price rises, and demand is elastic.

c. Price falls, and demand is unitary elastic.

d. Price rises, and demand is unitary elastic.

e. Price falls, and demand is inelastic.

f. Price rises, and demand is inelastic.

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