Changes

1. Price and quantity  

'''1. The supply of a good, and the demand for that good, determine both the ______ and ______ at which the good is sold (assuming it is a free market).'''  Price and quantity  

2. P=24 and Q=12

'''2. Suppose the price demand curve for a particular good is P = $30 - Q, where P is the price and Q is the quantity. Also suppose the price supply curve is P = $6 + Q. At which price and quantity will the good be sold (assuming a free market)?'''  P=24 and Q=12

3. Price goes down. Example: if the US drilled for oil the price would probably drop world wide.   

'''3. When the supply of a good or service increases, such as increasing the number of oil wells, what happens to the market price of oil? Explain. When the demand for a good a good or service increases, such more people driving cars that need gasoline (refined oil), what happens to the market price of oil? Explain.'''  Price goes down. Example: if the US drilled for oil the price would probably drop world wide.   

4.  Grapes are perishable and the value goes down the older they get, so a store needs to live by "carpe diem".  If the price is lowered the intercept point for price and quantity is moved to the right, so more grapes will sell, according to the graph.     

  Grapes are perishable and the value goes down the older they get, so a store needs to live by "carpe diem".  If the price is lowered the intercept point for price and quantity is moved to the right, so more grapes will sell, according to the graph.     

5.  A. 300; $7.00/ticket

  A. 300; $7.00/ticket

      

      

B. yes; yes; yes; but only if they passed a law that you must buy at lest 7 hot dogs and 5 sodas, so that the Yankee stadium dosin't go out of business. Remember "there’s no such thing as a free lunch".

B. yes; yes; yes; but only if they passed a law that you must buy at lest 7 hot dogs and 5 sodas, so that the Yankee stadium dosin't go out of business. Remember "there’s no such thing as a free lunch".