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For each of the following events, assume that either the supply curve or the demand curve (not both shifted). Explain which curve shifted and indicate the direction of the shift.
a. Housing prices are rising but more houses are sold.
b. Australian Airlines reduces its average plane fare by 30 percent in order to attract more customers
c. From 1950 to 1979 the wages paid to fruit pickers increased while the number of fruit pickers employed decreased.
d. During the same period the price of radio sets declined, while the number of radio sets purchased increased.
Suppose Mary has an income of $80 to buy bags and belts. The price of a belt (good 1) is $10 and the price of a bag (good 2) is $20. Martha, Mary’s sister, also buys belts and bags. Her consumption behavior is such that she can buy two belts (good 1)..
Peggy is a single mother who currently does not work and has a two year-old child named Bud. Peggy’s concerned parents give her $30/day (non-labor income) to support her and Bud. Peggy has just interviewed for a job as a cashier at Whole Food’s groce..
How is each of the following events likely to shift the supply curve or the demand curve for fast-food hamburgers in the United States? The number of teenagers in the economy falls due to population aging. Mad cow disease, a rare but fatal medical co..
Required all pharmaceutical firms to sell their drugs in a competitive market with no ability to patent their break.
Supose new, high- yield grains are introduced to Norway and the number of labor hours needed to grow a ton of grain there is cut 5 hours to 2.5 hours. What will happen to trade between Norway and Spain? If the number of labor hours needed to growna t..
Assume that the following data describe the condition of a banking system. Total reserves $200 billion, Transaction deposits $800 billion, Cash held by public is $400 billion, Reserve requirement .20.
How can an ordinary buyer compare mortgage deals with different terms? Can (should?) they rely on a real estate sales associate or mortgage officer? Why?
Suppose sellers of liquor are required to send $1.00 to the government for every bottle of liquor they sell. Further, suppose this tax causes the price paid by buyers of liquor to rise by $0.60 per bottle. Elucidate which of the following statemen..
q. the zinger company fabricates as well as sells a line of sewing machines. demand per period q for a scrupulous model
Joe and Jim purchase vegetables at a grocery store, but Jim also grows vegetables in his back yard. Only Joe’s grocery store purchases are included in GDP. Only Joe’s and Jim’s grocery store purchases are included in GDP.
Who are the winners and who are the losers from "free trade"? Why do economists believe that a a tariff is better than an import quota? (Actually most economists do not like either!). Why is the "infant industry" protectionist argument perhaps valid ..
The market supply of labor is always upward sloping, but an individual’s labor supply curve may not be upward sloping throughout its entire range. Both the market supply of labor and the individual’s supply will both be upward sloping.
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