Question

As you answer these short FRQ's below, be direct and to the point. Provide a graph...

As you answer these short FRQ's below, be direct and to the point. Provide a graph if asked and any details that explain why something is happening

  1. Normally, whenever a new video game console comes out, there is a shortage all over the United States. Graphically illustrate and fully explain where the shortage comes from, how the various roles of prices can come together to end the shortage, and why the final outcome is not necessarily the fairest outcome.
  2. In the winter of 2006–2007, unusually cold weather prevented people from enjoying the great outdoors. This led to a huge surplus of snowmobiles all over Minnesota. Fully explain how the surplus came about, how the "invisible hand" dealt with this surplus and provide a graph to illustrate your explanation.
  3. Draw a graph illustrating what would happen in the market for log cabins if consumer income increased by 19% in Montana.
  4. Draw a graph showing what would happen in the market for cat food if it were discovered that many brands of canned cat food, contained poison.

Here are the questions to help you analyze a change in supply:

  • What determinant or determinants of supply has/have changed or will change, and in what direction?
  • What was, or will be, the impact on the supply of the good or service?
  • What was, or will be, the impact on the price of the good or service?
  • What was, or will be, the impact on the quantity of the good or service demanded?

Homework Answers

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Below you will find a supply and demand schedule for avocados. Assume that the market is...
Below you will find a supply and demand schedule for avocados. Assume that the market is otherwise competitive and in equilibrium. Then let the government institute a price floor at $7. You are to illustrate this outcome; title your graph and draw supply and demand , denote the efficient price and quantity, and exhibit the price floor . Be sure to label deadweight loss , consumer surplus, producer surplus , and any surplus or shortage that results . Calculate the...
Suppose in Diamond Land people mine diamonds, and you have a demand and supply curve for...
Suppose in Diamond Land people mine diamonds, and you have a demand and supply curve for diamonds, where P is the price of diamonds and Q is the quantity demanded for diamonds (in pounds): P=300-0.5Q P=100+0.5Q Please find the equilibrium price and quantity for diamonds. Please graph supply and demand curves and show the equilibrium price and quantity demanded on the graph. Please also label the axes, intercepts, and curves. Suppose the government of Diamond Land wants to implement price...
21. Boeing says that it has created the lightest metal ever, a micro-lattice material that it...
21. Boeing says that it has created the lightest metal ever, a micro-lattice material that it describes as 99.99% air and only about 1/10 the weight of carbon fiber. The micro-lattice looks like a sponge or a mesh, and it is simultaneously flexible and very strong, according to Boeing. It will first be used on space rockets that Boeing plans to build in the next few years and then it will be used to construct commercial planes a few years...
1.) True or False? For all societies, resources are scarce, and technology is limited, while people’s...
1.) True or False? For all societies, resources are scarce, and technology is limited, while people’s wants and needs for goods and services seem to be unlimited. (2 points) 2.) (1 point) Adam Smith’s “invisible hand” refers to a.) the subtle and often hidden methods that businesses use to profit at consumers’ expense. b.) the ability of free markets to reach desirable outcomes, despite the self-interest of market participants. c.) the ability of government regulations to benefit consumers, even if...
In economics, the term “scarcity”meansthere .
In economics, the term “scarcity”meansthere                    .is a shortage of the factors ofproductionis equilibrium in themarketare unlimited wants and only limitedresourcesare limited wants and unlimitedresourcesA country has an absolute advantage in producing cars ifthat country                    .has a lower opportunity cost of producing cars than any othercountrycan produce more cars in a given amount of time than any othercountryhas a higher opportunity cost of producing cars than any othercountrycharges the highest price forcarsDuring bad economic times, many people lose their jobs. How would that...
ECO 101-S70: Final Quiz 2 CHAPTER 3: Demand, Supply and Equilibrium 1. Which of the following...
ECO 101-S70: Final Quiz 2 CHAPTER 3: Demand, Supply and Equilibrium 1. Which of the following could cause a decrease in consumer demand for product X? a.   a decrease in consumer income b.   an increase in the prices of goods which are good substitutes for product X c. an increase in the price which consumers expect will prevail for product X in the future d. a decrease in the supply of product X 2. If two goods are substitutes for...
Assume that consumers view tax preparation services as undifferentiated among producers, and that there are hundreds...
Assume that consumers view tax preparation services as undifferentiated among producers, and that there are hundreds of companies offering tax preparation in a given market. The current market equilibrium price is $120. Jojo’s Tax Service has a daily, short-run total cost given by TC = 100 + 4Q2. Answer the following questions: How many tax returns should Jojo prepare each day if her goal is to maximize profits? How much will she earn in profit each day? A perfectly competitive...
Assume that consumers view tax preparation services as undifferentiated among producers, and that there are hundreds...
Assume that consumers view tax preparation services as undifferentiated among producers, and that there are hundreds of companies offering tax preparation in a given market. The current market equilibrium price is $120. Jojo’s Tax Service has a daily, short-run total cost given by TC = 100 + 4Q2. Answer the following questions: How many tax returns should Jojo prepare each day if her goal is to maximize profits? How much will she earn in profit each day? A perfectly competitive...
2. A demand curve indicate a. the maximum willingness to pay for a given quantity b.the...
2. A demand curve indicate a. the maximum willingness to pay for a given quantity b.the consumer's gain from exchange c.the market price of a good or service d. the equilibrum quantity 3. trade permitts countries to a. consume more than they capable of producing b.produce based on their comparative advantage c.specialize more fully d.all of above 4. which of the following dose not impact how elastic supply is? a. whether the supply is local or global b.the share of...
provide 3-4 paragraphs post (team 2) 1-What are 4 key things you learned about the topic...
provide 3-4 paragraphs post (team 2) 1-What are 4 key things you learned about the topic from reading their paper? 2-How does the topic relate to you and your current or past job? 3-Critique the paper in terms of the organization and quality.1- Employee Stress and how it has an Adverse Effect on a Company This paper explores employee stress and how it has an adverse effect on a company, its employees and the organization. Job stress can have a...