Class: M0111 Assignment 1 – Microeconomics 1. The Basics of Supply and Demand (Pindyck – Chapter 2): Excercises 9, 10 (page 63). Excercises 9: a) The original demand is QD =18-3P And supply is QS =-6+9P The 20-percent increase in demand means that the new demand is 120 percent of the original demand, so the new demand is Q ́D =1.2QD Q ́D =1.2(18–3P)=21.6–3.6P. The new equilibrium is where Q ́D equals the original supply: 21.6 – 3.6P = - 6 + 9P The new equilibrium price is P* = $2.19
Words: 2504 - Pages: 11
........................ 9 Supply and demand Functions in the shipping market .............................................................................. 10 The Demand Functions: .......................................................................................................................... 10 The Supply Functions .............................................................................................................................. 11 Freight Supply and Demand
Words: 1872 - Pages: 8
Week 3 checkpoint Black Death Labor Supply and Demand The Back Death known as the Bubonic plague almost wiped out Europe’s population. It was estimated that the plague killed about one-third to one-half of their population. The lower class population felt the pressure the most because of already living in unsanitary conditions. The Bubonic plague led to an abrupt rise in real wages, for both agricultural and urban artisans. The reduction of Europe’s population had an enormous effect on its
Words: 271 - Pages: 2
Material Appendix B Price Elasticity and Supply & Demand Fill in the matrix below and describe how changes in price or quantity of the goods and services affect either supply or demand and the equilibrium price. Use the graphs from your book and the Tomlinson video tutorials as a tool to help you answer questions about the changes in price and quantity |Event |Market affected by event |Shift in supply, demand, or both. |Change in equilibrium
Words: 837 - Pages: 4
Running Head: Borders Crisis Management Report: Boarders Crisis Background Borders Group, Inc. is an international book and music retailer based in Ann Arbor, Michigan, and employs nearly 19,500 throughout the U.S., primarily in its Borders and Waldenbooks stores ("About us,"). Borders operates 511 Borders superstores in the United States and Puerto Rico as well operates 175 stores in the Waldenbooks Specialty Retail segment ("Border group,"). The last time Borders made a profit was in 2006
Words: 1120 - Pages: 5
English 1020 25 March 2010 Independence From Politics: The Federal Reserve Ever since the dawn of civilization, possessing control over others has been the ultimate want for every man. Dating back to the early Greek empire, there has been two ways to obtain this empowerment; Holding a respective position in the states politics and possessing the power to control currency. If one holds a respective position in politics, he or she has the power to control people by using the law and special influences
Words: 2075 - Pages: 9
Retail gasoline prices fluctuate mainly because of crude oil prices and the level of supply relative to demand. Because of the strong and increasing demand for gasoline in the U.S. and throughout the world, there is a limited supply which increases the price of gas. Prices usually rise slightly in the spring and peak in late summer when people drive more and then drop in the winter. According to the EIA, good weather and vacations cause U.S. summer gasoline demand to average about 5% higher than
Words: 660 - Pages: 3
CheckPoint: Historical Example of Labor Supply and Demand In this assignment, I was asked to chose a historic event and describe the event in terms of labor supply and demand. The historic event I chose was the Great Depression. This era spanned for 1929 thru 1939. Not only was the Great Depression happening there was also World War II. The great depression was a time in America where the demand for labor was higher than supply. The Law of Supply was the more the wages were for labor the
Words: 287 - Pages: 2
ECN 104, Fall 2011 Some Review Questions for Midterm 1 (September 27, 2011, 8-11am, AMC 13) 1. A demand curve shows a relationship between (a) quantity demand and quantity supplied (b) income and price (c) price and quantity demanded (d) income and quantity demanded 2. The law of demand says that if the price of a good rises, (a) its quantity demanded falls (b) its quantity demanded rises (c) its quantity demanded may rise or fall (d) none of the above For questions 3-4, consider the market for a
Words: 3134 - Pages: 13
internet. Wal-Mart.com came about soon after this alone with the New York stock. Wal-Mart then became more international with this leading source of technology. Too many Wal-Marts are the world’s top retailer that uses technology to reinvent global supply chains. However, other companies from the around the world has
Words: 600 - Pages: 3
