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Conference 2.doc

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Department
Economics (Arts)
Course
ECON 208
Professor
Wendy Dickinson
Semester
Summer

Description
Paul T. Dickinson Econ208(005): Conference Sheet 2 Question 1: Changes in Equilibrium (Demand & Supply) What (and why/how) does your theory predict will happen to the equilibrium price and quantity of margarine in each of the following cases? In each case, also identify what ceteris paribus condition(s) change. a. An advertising campaign convinces consumers that eating butter increases life expectancy and removes facial wrinkles. b. At the same time as (a), there is an outbreak of a serious cattle disease. c. At the same time as (a), the price of bread and rolls falls. d. Consumer incomes increase. e. . At the same time as (d), the wholesale price of vegetable oil falls. (Note: Vegetable oil is used to produce margarine) Hint to class: Practice first with Study Guide Exercispp. 48-49. Also try Study Guide Exercise 4 on p.49 Question 2: Calculating Equilibrium Do Study Guide Extension Exercises E1 & E2 on pages 52-54. Notes & Hints to Students re. Question 2: 1. The answers to this question are in the Study Guide. Your Teaching Assistants will go thought the answers with you to make sure you understand how to derive a
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