The following problem requires you to draw supply and demand curve graphs. Use the Drawing tool in MS Word or the Chart tool in Excel to draw the required graphs. Alternatively, draw your graphs by hand and scan them. Remember to label your axes. If you do not use Word to create the graphs originally, copy and paste your Excel graph or your scanned images into a Word document for your assignment write-up.
Why do 10 a.m. classes fill up before 8 a.m. classes during class registration? Use supply and demand curves to help explain your answer.
The following problems allow you to apply your knowledge gained about macroeconomics this week. Provide a paragraph or two in a Word document for each of the questions provided and explain your answers. Add your answers to the following in the same document in which you completed the Part 1 assignment.
What would be the effect of each of the following on the demand for Chevrolets in the United States? In each case, identify the responsible determinant of demand.
The price of Fords plummets.
Consumers believe that the price of Chevrolets will rise next year.
The incomes of Americans rise.
The price of gasoline falls dramatically.
If a price is above the equilibrium price, explain the forces that bring the market back to the equilibrium price and quantity. If a price is below the equilibrium price, explain the forces that bring the market back to the equilibrium price and quantity.
What would happen to the equilibrium price and quantity exchanged in the following cases?
an increase in income and a decreasing price of a complement, for a normal good
a technological advance and lower input prices
an increase in the price of a substitute and an increase in income, for an inferior good
producers’ expectations that prices will soon fall, and increasingly costly government regulations
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