Economics Homework Two Answers - Student Nine - Revision history

Taj: categorizing

2010-01-29T17:41:29Z

categorizing

Aschlafly: perfect

2009-09-20T16:35:22Z

perfect

MarkGB at 01:43, September 15, 2009

2009-09-15T01:43:07Z

MarkGB: Created page with 'Mark B Economics Homework #2 1. Price, Quantity 2. Quantity = 12. P= $18 3. When the supply of a good or service increases, the price decreases because there is more o...'

2009-09-15T01:40:00Z

Created page with 'Mark B Economics Homework #2 1. Price, Quantity 2. Quantity = 12. P= $18 3. When the supply of a good or service increases, the price decreases because there is more o...'

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Mark B Economics Homework #2

1. Price, Quantity

2. Quantity = 12. P= $18

3. When the supply of a good or service increases, the price decreases because there is more of the product, and buyers can negotiate a lower price. When the demand for a good increases, the price should go up because there is incentive for a seller to raise his price.

4. If a grocery store lowers the price for its ripened fruit, the point where the price intersects the demand moves down and to the right, which is an increase in demand.

5. (a) 600 tickets; $3,000

(b) Yes, the tickets will sell out unless you have more than 1000 seats. Yes, you will have to wait in line because demand exceeds supply. I would oppose such a law because it doesn’t go along with the free market.

6. Time isn’t money itself, but you can convert time into money by trading it for your time working.

7. Waiting lists develop in those countries because the quantity of demand increases as more people can afford the service. As the prices go down, fewer people want to provide the service, so there are not enough doctors to treat everyone for the medical services.

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	:Terrific answers. Perfect, in fact. 70/70. Congratulations.--[[User:Aschlafly\|Andy Schlafly]] 12:35, 20 September 2009 (EDT)		:Terrific answers. Perfect, in fact. 70/70. Congratulations.--[[User:Aschlafly\|Andy Schlafly]] 12:35, 20 September 2009 (EDT)
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 .  Price, Quantity
 .  Quantity = 12.   P= $18
 .  When the supply of a good or service increases, the price decreases because there is more of the product, and buyers can negotiate a lower price.  When the demand for a good increases, the price should go up because there is incentive for a seller to raise his price.
 .  If a grocery store lowers the price for its ripened fruit, the point where the price intersects the demand moves down and to the right, which is an increase in demand.
 . a) 600 tickets;  $3,000
 b)Yes, the tickets will sell out unless you have more than 1000 seats.  Yes, you will have to wait in line because demand exceeds supply.  I would oppose such a law because it doesn’t go along with the free market.
 .  Time isn’t money itself, but you can convert time into money by trading it for your time working.
 .  Waiting lists develop in those countries because the quantity of demand increases as more people can afford the service.  As the prices go down, fewer people want to provide the service, so there are not enough doctors to treat everyone for the medical services.