Task: Please see below for more economics questions for this week. Please post 100 words or less to these questions below. Thanks for your support.
Problem 1. What other real-world examples of changes in technology do you have to share? How did the change affect supply (did supply increase or decrease)?
Problem 2. What other real-world examples of changes in "resource prices" do you have to share? How did the change affect supply (did supply increase or decrease)?
Problem 3. Do you think that government is a main cause of high gasoline prices, and the solutions for alleviating this problem is to stop government intervention in energy markets and allow private markets to determine oil and gasoline prices?
Problem 4. Assuming that the demand curve is downward sloping, what is the relationship between price and quantity demanded? What three explanations does the text cite for the relationship between price and quantity demanded? Do you have any real-world examples of these explanations?
Problem 5. Which determinants of demand are related to the information collected by the decennial census? What examples of these determinants do you have?