Reference no: EM13244320
1. Evaluate the followingevents on prices and volume ofsales of houses in the Northern Kentucky housing market.Use demand and supply diagrams, label them carefully, and explainwhat affects the diagram as a result of each event.
a. Delta Airlines, thelargest employer in the Northern Kentucky area, reduces the numberof flights by 50% and lays off 2,000 of its airport workers.
b. The federal government offers asignificant tax rebate to first-time home buyers, effectivelyincreasing each home buyer's after-tax income.
c. Duke Power raises therates for the consumption of natural gas and electricity by 20% forNorthern Kentucky, but not for Ohio.
d. The owners of apartment houseslower rents by 20% in response to the layoffs of airportworkers.
2. Given the demand function, QD = 100 - 2P, and the supply function, QS = - 60 + 3P, calculate:
a. The equilibrium price forthe good in question;
b. The quantity of the goodexchanged in equilibrium;
c. The amount of excessdemand when P = 25;
d. The amount of excess supplywhen P = 40.
3. Given the demand functionQD = 100 - 2P, calculate the price elasticity of demand:
a. at P =10;
b. at P = 25;
c. at P =30.
4. Given the demand functionQD = 100 - 2P, at what price while totalexpenditure of buyers be a maximum?
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: Evaluate the following events on prices and volume ofsales of houses in the Northern Kentucky housing market.Use demand and supply diagrams, label them carefully, and explainwhat affects the diagram as a result of each event.
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