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Economics Lecture Two (view source)

Revision as of 01:34, August 5, 2009

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better question 3
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2. Suppose the price demand curve is P = $20 - Q, where P is price and Q is quantity.  Also suppose the price supply curve is P = $4 + Q.  At what price and quantity will the good be sold?
 
2. Suppose the price demand curve is P = $20 - Q, where P is price and Q is quantity.  Also suppose the price supply curve is P = $4 + Q.  At what price and quantity will the good be sold?
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===Intermediate===
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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.
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3. Draw the supply and demand for air.  In addition, draw the supply and demand for a good that costs $10000000000000000000000000 trillion dollars.  
      
4. Suppose 1000 persons in a town each have the following weekly demands for gas, and the gas stations have the following weekly supplies:
 
4. Suppose 1000 persons in a town each have the following weekly demands for gas, and the gas stations have the following weekly supplies:
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