1. Make a demand curve, and suppose it is the demand curve for iPads. Clearly illustrate what would take place if consumer income fell. Suppose iPads are the normal good. Employ arrows and/or labels to clarify where essential.
2. Sketch supply and demand curves. Clearly sketch and label a raise in supply. Clearly demonstrate and label all equilibrium points, prices, and quantities.
3. Sketch supply and demand curves. Suppose that these are the supply and demand curves for the Qdoba tacos. Illustrate what occurs on this graph when the price of the Chipotle tacos diminishes. Qdoba and Chipotle are substitute goods. Clearly demonstrate and label all equilibrium points, prices, and quantities.
4. A demand curve is given by QD = 1200 ? 30P. Sketch the demand curve. You don't have to draw to scale. Clearly demonstrate what occurs on this demand curve when the price increases from $7 to $11. Label all suitable points, and numerical values for the prices and quantities. Comprise arrows to clarify.
5. A supply curve is given by QS = 3 + 2P. Make the supply curve. You don't have to sketch to scale. Clearly illustrate what occurs on this supply curve when the price falls from $12 to $10. Label all suitable points, and numerical values for the prices and quantities. Comprise arrows to explain.
6. A demand curve and supply curve are given correspondingly as follows:
QD =226?3P QS =1+2P
Sketch both the demand and supply curves, and clearly label the equilibrium and numerical values for equilibrium price and quantity.
7. The demand curve and supply curve which are given correspondingly:
QD =37?3P QS =1+3P
Make both demand and supply curves, and clearly label the equilibrium and numerical values for equilibrium price and quantity.
On same graph, sketch and label a price of P = $8. Find out the numerical values for QD and QS at this price, and clearly label and demonstrate the resulting shortage or surplus at this non- equilibrium price. Write down the numerical amount of shortage or surplus as well as labeling it on the graph.
Additional Requirements:
Min Pages: 1
Max Pages: 2
Level of Detail: Show all work