MicroEcon-Unit%202%20HW.pdf - WCTC Micro Economics Unit 2 Homework Supply and Demand Graphs Name Instructor Competencies Develop analytic skills central

MicroEcon-Unit%202%20HW.pdf - WCTC Micro Economics Unit 2...

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1 WCTC Micro Economics Unit 2 Homework: Supply and Demand Graphs Name____________________________ Instructor: ___________________________ Competencies: - Develop analytic skills central to economic thinking. - Apply supply and demand analysis to price determination - Evaluate government role in a market economy. - Examine consumer choice models A. Complete the demand supply schedules and draw the corresponding combined graph for cups of coffee. Demand Schedule Supply Schedule. Price Quantity Demanded $1 500 $2 $3 $4 $5 1. Write the market equilibrium “E” price _____& “E” quantity _____ Explain what happens at a price above “E” ______________ and below “E”____________ 1. Explain the relationship between price and quantity demanded [Law of Demand]. 2. Explain the relationship between price and quantity supplied [Law of Supply]. 3. Define price ceiling: Draw and label a dashed line representing a price ceiling on graph ‘A’ that would have an impact on the market. What is the result of this price ceiling? Price Quantity Supplied $1 $2 $3 $4 $5 500
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2 What would happen if the price ceiling was set above the equilibrium?
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