Economics_1_Chapter_3_homework_assignments_2011.doc

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This assignment is valued at 10 points and should be turned in before attempting chapter 3 quiz. CHANGES IN SUPPLY AND DEMAND Chapter 3 Assignment Complete the table by determining which of the following example represents. a. An increase in demand c. An increase in supply b. A decrease in demand d. A decrease in supply e. No Change in either demand or supply Change Result Change in Equil. Price Change in Equil. Quantity 1. Some sellers drop out of the car D increase decrease wash market. 2. The price of autos goes up. E does not affect equilibrium; it causes a surplus of goods 3. Buyers in the sailboat market D decrease increase experience a decline in their incomes. 4. Fans become more supportive of E no change increases fan support a local football team because it has a winning season. 5. A technological advance makes it A increase increase cheaper to produce cellular telephones. 6. Several new stores renting A videotaped movies open in town.
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