Knapp2 - WEEK 2 CH3, Q1 Illustrate the following with...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
WEEK 2 CH3, Q1 – Illustrate the following with supply and demand curves. a. With increased access to wireless technology and lighter weight, the demand for laptop computers has increased substantially. Laptops have also become easier and cheaper to produce as new technology has come online. Despite the shift of demand, prices have fallen. 0 20 40 60 80 100 0 10 20 30 40 50 60 70 80 90 100 110 Price Quantity Market for Laptop Computers S1 D1 So Do b. Cranberry production in Massachusetts totaled 1.97 million barrels in 2006, a 39 percent increase from the previous year’s production. This year’s crop yield averaged 140.9 barrels per acre, an increase of over 40 barrels per acre from the 2005 crop. But demand increased by even more than supply, actually pushing 2006 prices above 2005 prices. 1 Ron_Knapp2.doc
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
During the high-tech boom in the late 1990s, San Jose office space was in very high demand and rents were very high. With the national recession that begun in March 2001, however, the market for office space in San Jose (Silicon Valley) was hit very hard, with rents per square foot falling. In 2005, the employment numbers from San Jose were rising slowly and rents began to rise again. Assume for simplicity that no new office was built during the period. 2
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 10

Knapp2 - WEEK 2 CH3, Q1 Illustrate the following with...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online