Econ 102 HW 2

Info icon This preview shows pages 1–8. Sign up to view the full content.

Homework 2 Answer Key
Image of page 1

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

P Q D 2 D 1 Decrease in Demand (Shift) Make sure red arrow points to the left (incorrect if it points down or down-left) 1
Image of page 2
P Q D S 1 S 2 E 1 E 2 Q 2 Q 1 P 2 P 1 Increase in Supply Drawn with a demand curve to illustrate change in equilibrium price and quantity Shift arrow (red) must point right Green arrows optional 2
Image of page 3

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

P Q S D 1 D 2 E 1 E 2 Q 2 Q 1 P 2 P 1 Decrease in Demand Drawn with a supply curve to illustrate change in equilibrium price and quantity Shift arrow (red) must point left Green arrows optional 3
Image of page 4
P Q $12 $5 540 750 D B A Decrease in Quantity Demanded (movement) Qd = 900 30P Red arrow shows movement along curve Green arrows optional Price MUST rise from $5 to $12 Quantity demanded MUST decrease from 750 to 540 4
Image of page 5

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

P Q $6 $4 14 20 S B A Decrease in Quantity Supplied (movement)
Image of page 6
Image of page 7

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

Image of page 8
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern