marketsW10

marketsW10 - EC 1 UCLA Dr. Bresnock Winter, 2010 Markets...

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EC 1 Student Name: UCLA TA Name/ Section: Dr. Bresnock Winter, 2010 Markets Module Assignment (50 points) Due: Feb. 1 st Please limit your answers to the spaces provided. If necessary, write on the back of the page. Do not attach printout or additional pages. All questions pertain to the Markets module in SimEcon . Make sure you have read the “ Markets Manual” which may be found on the ClassWeb site prior to beginning the assignment. For many of the assignment's questions, it will be necessary to refer to those instructions. For many of the assignment's questions, it will be necessary to refer to your text. Please use this website to obtain the module: http://128.97.186.84/ To begin the exercise, launch the Markets module and note the "Initial Conditions" which are the beginning (or ceteris paribus ) values for each supply and demand variable. Write these values down for future reference. Now, click "Continue". Write down the initial equilibrium values for the price, P E , and quantity, Q E , of wheat. Now select "Disturb Market". (1) With respect to the wheat market, if the number of farms is increased to 1,500, explain what will happen to each of the following. (Use increase (↑), decrease (↓), of stays the same, for your answers.) (a) Demand? ________________________________. (b)
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marketsW10 - EC 1 UCLA Dr. Bresnock Winter, 2010 Markets...

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