Economics -Q41

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1. Make a Supply and Demand diagram for market A to show each of the following. Make sure to show the change in price and quantity for each case.

a. A and B are Complements, and the price of B increases.
b. A and B are substitutes and the price of B increases.
c. A is an inferior good, and income increases for all buyers in the market for A.
d. B is an input used to make A, and the price of B falls.

2. Illustrate how each of the following affects the market for cocoa beans, ceteris paribus. Briefly discuss, and state the change in price and quantity.

a. A blight on cacao trees kills of much of the crop in Latin America.
b. The price of carob increases.
c. Workers organize into a union and get higher wages for farming Cocoa.
d. Chocolate is clinically proven to prevent Alzheimer’s disease.
e. The price cocoa beans are expected to drop in the near future.

3. Using the supply and demand model, assume that only one of the two curves shifts. For each of the following, use the given information to determine which shifts, and in what direction. Make a drawing for each of the following cases to show how you got your answer.

a. Tuition at four-year colleges increases, while enrollment at four-year colleges falls.
b. The price of baked goods falls while quantity of bakes goods bought also falls.
c. Apartment vacancies increase as rent for apartments decreases.

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4. The following gives some fake data for the quantity of flights from NYC to LA on December 1st demanded and supplied.

Price Quantity Demanded (hundreds) Quantity Supplied (hundreds)
$100 80 5
$200 70 15
$300 50 30
$400 45 45
$500 40 55
$600 30 70

a. Graph the supply and demand curves (your drawing does not have to be exactly to scale).
b. Find the equilibrium price and quantity.

c. Why is $500 not the equilibrium price for this market?
d. Suppose Thanksgiving is postponed until December 2nd. How would this affect the market for flights from NYC to LA on Dec 1st?

e. Disregarding part d, if the government, in an attempt to lower prices for consumers, sets a maximum price of $300 for all flights from NYC to LA, how many people would end up still purchasing tickets? Is this a price ceiling or a floor?
f. Assume the price control mentioned in part e is still in effect, if consumers are able to resell their tickets, what will be the going price for black market tickets?

5. Assume the maple syrup market is operating in equilibrium. Also, assume that the demand for maple syrup is relatively inelastic and the supply of maple syrup is relatively elastic.

a. Illustrate the supply and demand market in equilibrium.
b. Now assume a tax is placed on the maple syrup market. Add this to the diagram you made in part a. Show the price paid by consumers, the price received by sellers, and the new quantity of maple syrup that is sold.
c. Who bears the greater burden of this tax? Buyers or sellers? Explain how you know.

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