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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
b. Consumers suddenly decide SUVs are
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
e. The price of tea falls. What is the effect on the
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
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
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
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.
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
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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