PROBLEM SET 1LESSON 2 Demand, Supply and Market equilibriumNAME _____________________________________________________Dat...

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USeP ECON 101- LESSON 2 Demand, Supply and Market equilibrium

April 14, 2018

PROBLEM SET 1
LESSON 2 Demand, Supply and Market equilibrium
NAME _____________________________________________________
Date
________________________
Score ____________________
LAST NAME

FIRST

M.I.

INSTRUCTIONS

1. Please write your answer legibly on separate sheets of long bond paper.
2. Staple them along with this questionnaire

1. In January 2010, a price of gasoline was $2.70 a gallon. By summer 2010, the price had
increased to $3.00 a gallon. Assume that there were no changes in average income,
population, or any other influence on buying plans. Explain and illustrate graphically how the
rise in the price of gasoline would affect:
a. The demand for gasoline
b. The quantity of gasoline demanded
2. Dairies make low-fat milk from full-cream milk. In the process of making low-fat milk, the
dairies produce cream which is made into ice cream. In the market for low-fat milk, the
following events occur one at a time:
(Requirement: explain and illustrate the effect of each event on the supply of low-fat milk.)
a. The wage rate of dairy workers rises.
b. The price of cream rises
c. The price of low-fat milk rises.
d. With the period of low rainfall extending, dairies raise their expected price of low -fat
milk next year.
e. With advice from health-care experts, dairy farmers decide to switch from producing
full-cream milk to growing vegetables.
f.

A new technology lowers the cost of producing ice cream.

3. Think about the demand for the three game consoles: Xbox, PS3, and Wii. Explain and
illustrate graphically the effect of the following events on the demand for Xbox games and the
quantity of Xbox games demanded, other things remaining the same.
a. The price of an Xbox falls.
b. The prices of a PS3 and a Wii fall.
c. The number of people writing and producing Xbox games increases.
d. Consumers’ income increases.
e. Programmers who write code for Xbox games become more costly to hire.
f.

The expected future price of an Xbox game falls.

g. A new game console that is close substitute for Xbox comes onto the market.
4. “The high price of oil resulting from political disturbances in the Middle East will lower the
demand for oil.” Comment on the reasoning of this statement.

ECON
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