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AREC 240 assignment 1 fall 2009

AREC 240 assignment 1 fall 2009 - AREC 240 Fall 2009...

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AREC 240 Fall 2009 Assignment #1 Due: Tuesday, September 15 at start of lecture 1. In the following cases, there is a good/service and a description of an event that may influence the demand for that good. Explain how and why the demand curve shifts, if it does in fact shift. Draw the old and the new demand curves. Your answer is not complete without an explanation. a) Desk top computers. EPA institutes a $20/pound fee for discarding used electronic equipment b) Toyota Prius. The federal government pays a bonus for trading in clunkers for fuel efficient cars. c) Parking permits on the UMD campus. Price of gas doubles. d) High end BMS’s and Mercedes. The proposed health care plan imposes a 10 percent increase in the tax rate for households with incomes above $500,000. e) Iphones. Sprint increases the monthly rates for Palm Pre. 2. In the following cases, there is a good/service and a description of an event that may influence the supply of that good. Explain how and why the supply curve shifts, if it does in fact shift. Draw the old and the new supply curves. Your answer is not complete without an explanation.
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