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Supply and demand analysis.
a) Suppose the market for Nissan's electric cars is currently in equilibrium. Suddenly, Tesla announces that they will drop the price of all their electric cars by 20%. What happens to the price and quantity of Nissan's electric cars in the new equilibrium? Draw a graph with the initial equilibrium price and quantity and the new equilibrium price and quantity. Explain your answers.
b) Suppose the market for Apple Watches is currently in equilibrium. Then, workers at Apple's factories go on strike and demand a wage increase. This raises the cost of producing each Apple Watch. What happens to price and quantity for Apple Watches in the new equilibrium? Draw a graph with the initial equilibrium price and quantity and the new equilibrium price and quantity. Explain your answers.
c) Suppose ASU increases the price of admission to ASU Basketball games. How does this affect the demand for basketball tickets? What about the quantity demanded? (Hint: you do not need to draw a graph for this one).
d) The market for air conditioning in Phoenix is initially in equilibrium. Then, average temperatures permanently increase by 10 degrees. What happens to the price and quantity of air conditioners in the new equilibrium? Draw a graph with the initial equilibrium price and quantity and the new equilibrium price and quantity. Explain your answers.
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