Demand curve graphical representation for Muffin

economics

Description

ECON 100

Assignment #1 - Written

Due: Beginning of the lecture on October 12.

Total: 50 marks, 5% of final grade

1. “Demand for a Muffin” Experiment (5)

Precisely graph the demand curve for muffin as discovered in our class

experiment.

2. “Supply of a Coke” Experiment (5)

Precisely graph the supply curve for a Coke as discovered in our class

experiment.

3. Text Question: Chapter 2, Question 7, p. 54 (12)

4. 4-Step Approach

Use the 4-Step Approach and supply and demand curves to determine the

market price and quantity for the particular goods in each of the following

independent cases. (20)

a. New genetic engineering technology enables ranchers to raise

healthier, heavier cattle significantly reducing costs. Market: beef (5)

b. In addition to developing new genetic engineering technology, we have

been mistaken in the past. Highly credible new research results report that

abundant consumption of fatty red meats actually prolongs average life

expectancy. Market: beef. (5)

c. The price of electric cars decreases. At the same time, a large oil

reserve of drillable (and immediately usable) oil is discovered in

Saskatchewan. Market: oil. (5)

d. In the summer of 1996, many people watched the Atlanta Summer

Olympics on NBC instead of going to the movies. At the same time,

thinking that summertime is the peak season for movies, Hollywood

released a record number of movies. Market: movie tickets. (5)

5. During the real estate boom of the mid-1990’s, the price of new and existing

homes rose year after year, yet people purchased more homes year after year. Is

this outcome best explained as an exception to the law of demand? Explain. (8)

Instruction Files

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