Problem Set 1.pdf - The Paul H Nitze School of Advanced...

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The Paul H. Nitze School of Advanced International Studies The Johns Hopkins University MICROECONOMICS Fallterm 2018 PROBLEM SET I 1. Demand and supply. Show in a diagram the effect on the demand curve, the supply curve, the equilibrium price and quantity of each of the following pairs of events, occurring simultaneously. a. The market for school books at the beginning of September 2018. i. The price of paper goes down because of the use of adoption of a new and more efficient technological production process; ii. Due to a school reform students are required to buy a greater number of school books per year. b. The market for Italian peaches. i. Farmer salaries go up due to a new regulation on the labor market that reduces short-term contracts as a form of employment in the agricultural sector; ii. A rising sensitivity towards a balanced diet that includes fruit and vegetables. c. The market for pay-TV football events in Italy. i. The famous football player Cristiano Ronaldo joined Juventus club; ii. The introduction of a new digital platform called Dazn in August 2018, creating a new market for streaming services, that offers live and on-demand streaming of events. 2. Demand and supply, elasticity. The academic year 2018-19 has just started and summer vacation is still a fresh memory. You join the Microeconomics class and you are offered to take part to a consulting group. The group is challenged to perform a market analysis

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