Economics Homework Two Answers - Student One - Revision history

Taj: categorizing

2010-01-29T17:39:58Z

categorizing

Aschlafly: tweaked comments, using a model answer

2009-09-20T19:27:41Z

tweaked comments, using a model answer

Aschlafly: well done again

2009-09-18T21:14:07Z

well done again

VeronikaF at 16:20, September 15, 2009

2009-09-15T16:20:59Z

VeronikaF at 16:19, September 15, 2009

2009-09-15T16:19:55Z

VeronikaF: Created page with 'VeronikaF in progress'

2009-09-13T16:16:04Z

Created page with 'VeronikaF in progress'

New page

VeronikaF in progress

← Older revision		Revision as of 17:39, January 29, 2010
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	: Well done again! Score: 68/70 plus 40/40 equals 108/110. Congratulations!--[[User:Aschlafly\|Andy Schlafly]] 17:14, 18 September 2009 (EDT)		: Well done again! Score: 68/70 plus 40/40 equals 108/110. Congratulations!--[[User:Aschlafly\|Andy Schlafly]] 17:14, 18 September 2009 (EDT)
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		+	[[Category: Economics Homework Two Answers]]

@@ Line 13: / Line 13: @@
 <br>Quantity-$12
-:Correct again.
+:Correct again, but no "$" on quantity.
 .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.
@@ Line 70: / Line 70: @@
 . Compare "equilibrium" in economics to "equilibrium" in other fields (such as chemistry or physics) or in life itself (such the flow of traffic on highways), using specific examples.
-Equilibrium in economics is when the supply meets the demand. It is the perfect balance in the economic world. The right amount of shirts in a store is considered equilibrium because the amount of shirts that people want to buy meets the amount of shirts they have in the store. Equlibrium in biology is the balance within a living organism. The human body is made up of all different parts which are in their own way very important. For example, if one of the organs in our body did not function correctly, we would not be able to survive. The body would be unbalanced and certain bodily functions would not be completed. We could not substitute it with a totally different organ. It would not work because the perfect balance would not be mantained. We were made perfect for our task in the world and if we tamper with that, everything would go wrong.
+Equilibrium in economics is when the supply meets the demand. It is the perfect balance in the economic world. The right amount of shirts in a store is considered equilibrium because the amount of shirts that people want to buy meets the amount of shirts they have in the store. Equilibrium in biology is the balance within a living organism. The human body is made up of all different parts which are in their own way very important. For example, if one of the organs in our body did not function correctly, we would not be able to survive. The body would be unbalanced and certain bodily functions would not be completed. We could not substitute it with a totally different organ. It would not work because the perfect balance would not be maintained. We were made perfect for our task in the world and if we tamper with that, everything would go wrong.
 :Terrific essay.  Could use as a model.
 : Well done again!  Score: 68/70 plus 40/40 equals 108/110.  Congratulations!--[[User:Aschlafly|Andy Schlafly]] 17:14, 18 September 2009 (EDT)

@@ Line 4: / Line 4: @@
 a)quantity
-b)price
+<br>b)price
 .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)?
 Price-$18
-Quantity-$12
+<br>Quantity-$12
 .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.
-If the supply of goods or services increases, the price will atomaticly decrease because there is abundance for all and no one is lacking oil and therefore no one will be willing to pay the higher price. When the demand increases the price of that good gets more expensive since everyone needs gas (the quantity of that certain good is decreasing) and are willing to pay more. When quantity decreases price increases. If there is not enough to satisfy the whole world you have to pay a greater perice so you may have the priviledge of having gas. Supply and demand can drastically change the price of goods and services in a blink of an eye.
+If the supply of goods or services increases, the price will automatically decrease because there is abundance for all and no one is lacking oil and therefore no one will be willing to pay the higher price. When the demand increases the price of that good gets more expensive since everyone needs gas (the quantity of that certain good is decreasing) and are willing to pay more. When quantity decreases price increases. If there is not enough to satisfy the whole world you have to pay a greater price so you may have the privilege of having gas. Supply and demand can drastically change the price of goods and services in a blink of an eye.
 .Why do grocery stores lower the price of their fruit (such as grapes) when they have an oversupply of ripened fruit? Explain by citing the downward slope of a demand curve, and describe what happens to this fruit after the grocery store lowers its price.
-Grocery stores will lower the price of friut if they have an oversupply of fruit. If the demand in food decreases the quantity of all the fruit in the store will increase since not many people are buying the friut now. Also, fruit has a short shelf-life. The grocery store would rather sell the fruit at a discounted price than let it all go bad and lose all the money they spent. It is always better to get something rather than nothing.
+Grocery stores will lower the price of fruit if they have an oversupply of fruit. If the demand in food decreases the quantity of all the fruit in the store will increase since not many people are buying the fruit now. Also, fruit has a short shelf-life. The grocery store would rather sell the fruit at a discounted price than let it all go bad and lose all the money they spent. It is always better to get something rather than nothing.
 .When the New York Yankees built their new $1.5 billion ballpark, they made a decision about how many "obstructed view" bleacher seats to include. Due to the design of this new stadium, people sitting in these bleacher seats could not see all of the field because part of the stadium structure blocks part of their view. Here is what the supply and demand are for those obstructed-view seats:
 Quantity of "Obstructed-View" Tickets 	Demand Price/Ticket 	Supply Price/Ticket
-	$10 	$3
+<br>300 	$10 	$3
-	$5 	$5
+<br>600 	$5 	$5
-	$3 	$7
+<br>900 	$3 	$7
-	$2 	$9
+<br>1000 	$2 	$9
 (A)How many "obstructed view" bleacher seats did the New York Yankees build, based on the above data, and how much does the team make from sales of these tickets at each game?
 The New York Yankees built 600 seats based on the data above. They make $3,000 from sales of the tickets each game.
 (B)Suppose the City of New York passed a law for a maximum price (a "price control") of $2 per "obstructed view" bleacher ticket. Will the obstructed-view seats sell out under this law, and will people have to wait in line in order to buy them? Would you oppose or support such a law, and why?
-I would oppose such a law because even though the price of each ticket would decease, the value of the ticket would also decrease. You may think that selling a good for a lower price will result in more purchases, but eventually people will not want that good anymore since it is not considered “special”. When the tickets are more expensive, people exaggerate scarcity in their minds which make them believe that they are “special”
+I would oppose such a law because even though the price of each ticket would decease, the value of the ticket would also decrease. You may think that selling a good for a lower price will result in more purchases, but eventually people will not want that good anymore since it is not considered “special”. When the tickets are more expensive, people exaggerate scarcity in their minds which make them believe that they are “special”.
 ."Time is money." Explain. Or, as an alternative, improve on our definition of a "free market." Or, as a third alternative, explain how the free market is so much powerful than even the wealthiest people in the world.
 “Time is money” is a very wise saying which describes how by wasting time you are missing the opportunity of earning more money. Many people today waste time watching TV and playing video games when they could be working and gaining something positive from it. Sure it is fun to watch TV, but do you really get anything from it? Instead of working your eyes by watching TV, work your brain so that you may have something to carry with you for the rest of your life. The enjoyment you get from watching TV quickly disappears but the proud feeling of actually accomplishing something will last forever.
 .Explain why waiting lists develop in countries (like Canada and England) where the government prohibits anyone from charging more than fixed prices for medical services, assuming that these fixed prices are lower than what the prices would be under supply and demand in the free market. (Hint: the reason is related to the effect of price controls on the supply of a good or service.)
-The supply of medical equiment is scarce which causes the price of medical services to increase. In trying to solve this problem, the governments in both Canada and England fixed prices for medical services, which resulted in waiting lists since now almost everyone could afford medical care. The supply did not meet the demand. In this case, deaths increase instead of recovery.
+The supply of medical equipment is scarce which causes the price of medical services to increase. In trying to solve this problem, the governments in both Canada and England fixed prices for medical services, which resulted in waiting lists since now almost everyone could afford medical care. The supply did not meet the demand. In this case, deaths increase instead of recovery.
 Honors
 Write an essay of about 300 words total on one or more of the following topics:
 .Discuss the effect of supply and demand and the Tyndale Bible.
-Both supply and demand can not exisit without the other. There is only perfect harmony when supply meets demand. They whole economy revolves around supply and demand since they are the cause for almost everything that happens finanically. If there is an unbalance, the society and economy then will be in deep trouble. For example, take the Tydale Bible (early 1500s); the only reason it was a success was because the supply met the demand. When the Church and King Henry VIII heard that a certain man named, William Tydale, was illegally printing his English translation of the Latin Bible, they decided to try to buy it out. But as you may suspect, they were actually supporting it since in buying all the copies, the money all went to transation costs. They finally realized that they only way to defeat it was to hope it would eventually disappear on its own. The free market helped to protect it from the overprotection of the Catholic Church.
+Both supply and demand can not exist without the other. There is only perfect harmony when supply meets demand. They whole economy revolves around supply and demand since they are the cause for almost everything that happens financially. If there is an unbalance, the society and economy then will be in deep trouble. For example, take the Tyndale Bible (early 1500s); the only reason it was a success was because the supply met the demand. When the Church and King Henry VIII heard that a certain man named, William Tyndale, was illegally printing his English translation of the Latin Bible, they decided to try to buy it out. But as you may suspect, they were actually supporting it since in buying all the copies, the money all went to translation costs. They finally realized that they only way to defeat it was to hope it would eventually disappear on its own. The free market helped to protect it from the overprotection of the Catholic Church.
 . Compare "equilibrium" in economics to "equilibrium" in other fields (such as chemistry or physics) or in life itself (such the flow of traffic on highways), using specific examples.
-Equilibrium in economics is when the supply meets the demand. It is the perfect balance in the economic world. The right amount of shirts in a store is considered equlibrium because the amount of shirts that people want to buy meets the amount of shirts they have in the store. Equlibrium in biology is the balance within a living organism. The human body is made up of all different parts which are in their own way very important. For example, if one of the organs in our body did not function correctly, we would not be able to survive. The body would be unbalanced and certain bodily functions would not be completed. We could not substitute it with a totally different organ. It would not work because the perfect balance would not be mantained. We were made perfect for our task in the world and if we tamper with that, everything would go wrong.
+Equilibrium in economics is when the supply meets the demand. It is the perfect balance in the economic world. The right amount of shirts in a store is considered equilibrium because the amount of shirts that people want to buy meets the amount of shirts they have in the store. Equlibrium in biology is the balance within a living organism. The human body is made up of all different parts which are in their own way very important. For example, if one of the organs in our body did not function correctly, we would not be able to survive. The body would be unbalanced and certain bodily functions would not be completed. We could not substitute it with a totally different organ. It would not work because the perfect balance would not be mantained. We were made perfect for our task in the world and if we tamper with that, everything would go wrong.

@@ Line 42: / Line 42: @@
 Honors
 Write an essay of about 300 words total on one or more of the following topics:
 .Discuss the effect of supply and demand and the Tyndale Bible.

← Older revision		Revision as of 16:19, September 15, 2009
Line 1:		Line 1:
−	VeronikaF in ~~progress~~	+	VeronikaF
		+
		+	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).
		+
		+	a)quantity
		+	b)price
		+
		+	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)?
		+	Price-$18
		+	Quantity-$12
		+
		+	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.
		+
		+	If the supply of goods or services increases, the price will atomaticly decrease because there is abundance for all and no one is lacking oil and therefore no one will be willing to pay the higher price. When the demand increases the price of that good gets more expensive since everyone needs gas (the quantity of that certain good is decreasing) and are willing to pay more. When quantity decreases price increases. If there is not enough to satisfy the whole world you have to pay a greater perice so you may have the priviledge of having gas. Supply and demand can drastically change the price of goods and services in a blink of an eye.
		+
		+	4.Why do grocery stores lower the price of their fruit (such as grapes) when they have an oversupply of ripened fruit? Explain by citing the downward slope of a demand curve, and describe what happens to this fruit after the grocery store lowers its price.
		+
		+	Grocery stores will lower the price of friut if they have an oversupply of fruit. If the demand in food decreases the quantity of all the fruit in the store will increase since not many people are buying the friut now. Also, fruit has a short shelf-life. The grocery store would rather sell the fruit at a discounted price than let it all go bad and lose all the money they spent. It is always better to get something rather than nothing.
		+
		+	5.When the New York Yankees built their new $1.5 billion ballpark, they made a decision about how many "obstructed view" bleacher seats to include. Due to the design of this new stadium, people sitting in these bleacher seats could not see all of the field because part of the stadium structure blocks part of their view. Here is what the supply and demand are for those obstructed-view seats:
		+	Quantity of "Obstructed-View" Tickets Demand Price/Ticket Supply Price/Ticket
		+	300 $10 $3
		+	600 $5 $5
		+	900 $3 $7
		+	1000 $2 $9
		+
		+	(A)How many "obstructed view" bleacher seats did the New York Yankees build, based on the above data, and how much does the team make from sales of these tickets at each game?
		+
		+	The New York Yankees built 600 seats based on the data above. They make $3,000 from sales of the tickets each game.
		+
		+	(B)Suppose the City of New York passed a law for a maximum price (a "price control") of $2 per "obstructed view" bleacher ticket. Will the obstructed-view seats sell out under this law, and will people have to wait in line in order to buy them? Would you oppose or support such a law, and why?
		+
		+	I would oppose such a law because even though the price of each ticket would decease, the value of the ticket would also decrease. You may think that selling a good for a lower price will result in more purchases, but eventually people will not want that good anymore since it is not considered “special”. When the tickets are more expensive, people exaggerate scarcity in their minds which make them believe that they are “special”
		+
		+	6."Time is money." Explain. Or, as an alternative, improve on our definition of a "free market." Or, as a third alternative, explain how the free market is so much powerful than even the wealthiest people in the world.
		+
		+	“Time is money” is a very wise saying which describes how by wasting time you are missing the opportunity of earning more money. Many people today waste time watching TV and playing video games when they could be working and gaining something positive from it. Sure it is fun to watch TV, but do you really get anything from it? Instead of working your eyes by watching TV, work your brain so that you may have something to carry with you for the rest of your life. The enjoyment you get from watching TV quickly disappears but the proud feeling of actually accomplishing something will last forever.
		+
		+	7.Explain why waiting lists develop in countries (like Canada and England) where the government prohibits anyone from charging more than fixed prices for medical services, assuming that these fixed prices are lower than what the prices would be under supply and demand in the free market. (Hint: the reason is related to the effect of price controls on the supply of a good or service.)
		+
		+	The supply of medical equiment is scarce which causes the price of medical services to increase. In trying to solve this problem, the governments in both Canada and England fixed prices for medical services, which resulted in waiting lists since now almost everyone could afford medical care. The supply did not meet the demand. In this case, deaths increase instead of recovery.
		+	Honors
		+	Write an essay of about 300 words total on one or more of the following topics:
		+	8.Discuss the effect of supply and demand and the Tyndale Bible.
		+
		+	Both supply and demand can not exisit without the other. There is only perfect harmony when supply meets demand. They whole economy revolves around supply and demand since they are the cause for almost everything that happens finanically. If there is an unbalance, the society and economy then will be in deep trouble. For example, take the Tydale Bible (early 1500s); the only reason it was a success was because the supply met the demand. When the Church and King Henry VIII heard that a certain man named, William Tydale, was illegally printing his English translation of the Latin Bible, they decided to try to buy it out. But as you may suspect, they were actually supporting it since in buying all the copies, the money all went to transation costs. They finally realized that they only way to defeat it was to hope it would eventually disappear on its own. The free market helped to protect it from the overprotection of the Catholic Church.
		+
		+	12. Compare "equilibrium" in economics to "equilibrium" in other fields (such as chemistry or physics) or in life itself (such the flow of traffic on highways), using specific examples.
		+
		+	Equilibrium in economics is when the supply meets the demand. It is the perfect balance in the economic world. The right amount of shirts in a store is considered equlibrium because the amount of shirts that people want to buy meets the amount of shirts they have in the store. Equlibrium in biology is the balance within a living organism. The human body is made up of all different parts which are in their own way very important. For example, if one of the organs in our body did not function correctly, we would not be able to survive. The body would be unbalanced and certain bodily functions would not be completed. We could not substitute it with a totally different organ. It would not work because the perfect balance would not be mantained. We were made perfect for our task in the world and if we tamper with that, everything would go wrong.