Econ 111: Principles of Economics - Accelerated Treatment - Quiz 1
1) For each of the following draw a separate demand or supply graph that illustrates the likely effect on the market for air-travel for United Airlines:
a) After September 11, people have become more scared of flying.
b) Airplane fuel prices increase.
c) American and Delta Airlines lower the price of their airplane tickets.
d) The US economy is going through a recession, and people are earning lower incomes.
e) A technological innovation makes building and maintaining airplanes easier and less expensive.
2) Below you will find the milk supply in two counties (Dane and Green) in Wisconsin. Can you sketch their aggregate (joint) supply curve on a separate graph?
