Problem Set 3.docx

# Problem Set 3.docx - Oriya Romano Econ 162-A1 A11 Fall 2017...

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Oriya Romano Econ 162-A1, A11 Kenny Christianson Fall 2017 Due: September 29 PROBLEM SET NUMBER THREE 1. Find an article in a newspaper, periodical, or on the internet concerning a specific change in a particular market. Using a supply and demand graph, illustrate the change described in the article. Please label all curves and equilibrium points. Be sure not to confuse a change in demand with a change in quantity demanded and a change in supply with a change in quantity supplied. As Fall nears, the demand for pumpkins increases. 2. Suppose that the market for tacos in New York State per day is given by the following equations: Demand: P = 12000 - 6Q Supply: P = 2000 + 4Q where price is expressed in cents and quantity is expressed in thousands.

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Econ 162-A1, A2 Fall 2017 Problem Set Three 2 a. What is the equilibrium price and quantity? b. Show graphically. Be sure to label all axes, curves, intercepts, and equilibrium points. c. Suppose that due to a decrease in the price of ground beef, the supply of tacos becomes Supply’: P = 4Q Does this change represent an increase or decrease in supply? d. After the change in supply, at the original price, is there a surplus or shortage in the market? Of how much?
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