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econ_homework 3 - Homework 3 Econ 103 Delavan Due in class...

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Homework 3 Econ 103 Delavan Due September 19, 2008 in class 1. (10) Write two to three paragraphs in which you critically analyze the arguments in the film The Overspent American: Why We Want What We Don’t Need. Relate the film to the ideas of Smith and Veblen. How might each of these economists respond to the filmmaker’s arguments? 2. (30) What effect will each of the following have upon the supply of television sets? Explain your reasoning in each case. Draw a graph that shows how each of the following events will affect the supply or quantity supplied of television sets. Note: make sure and identify whether or not the supply curve SHIFTS and if so how it shifts, or whether you are moving along the supply curve. (a) an increase in the price of electronic equipment used in producing television sets (b) a decline in the number of firms producing television sets (c) a large new tariff on imported foreign TV sets (d) the price of television sets increases.
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