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8 Jan 2019
With the products below and the events that affect them, indicate what happens to the demand, supply, equilibrium quantity, and the equilibrium price in a competitive market. What is the determinant of demand and/or supply responsible for the shift? Is there more than one shift? Is the new equilibrium price or quantity indeterminate?
1)Tobacco. Most of the worldâs tobacco crop has been destroyed by Nematodes; more people quit smoking.
2)Diesel Fuel. Crude oil production declines due to a crisis in the Middle East.
3)New homes. The average incomes fall as the economy moves into a recession; the productivity of home construction workers and builders increases.
4) iPads. More schools require students to purchase and use iPads.
With the products below and the events that affect them, indicate what happens to the demand, supply, equilibrium quantity, and the equilibrium price in a competitive market. What is the determinant of demand and/or supply responsible for the shift? Is there more than one shift? Is the new equilibrium price or quantity indeterminate?
1)Tobacco. Most of the worldâs tobacco crop has been destroyed by Nematodes; more people quit smoking.
2)Diesel Fuel. Crude oil production declines due to a crisis in the Middle East.
3)New homes. The average incomes fall as the economy moves into a recession; the productivity of home construction workers and builders increases.
4) iPads. More schools require students to purchase and use iPads.
Elin HesselLv2
10 Jan 2019
