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Project 1 - Project 1(Due Thursday October 27th at 3:00PM...

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1 Project 1 (Due Thursday October 27 th at 3:00PM) The Answer key will be posted by 4:00PM on October 27 th 100 points total Fill out and turn in only the scantron. Assume government does not buy any surpluses it creates with price controls Some of this Project is meant to be very challenging and not just replicate what we have done in class but extend upon it and help us work on problem solving skills. Be careful and think about what is going on in the markets and not just mechanically answer the questions (especially for questions17-51) You may work on this with other students but hand in your own scantron Note on the scantron 0=a, 1=b, 2=c, 3=d, 4=e, etc. 1. What happens to the equilibrium price and quantity of eBooks if income increases? A. The price of eBooks increases and the quantity of eBooks increases B. The price of eBooks increases and the quantity of eBooks decreases C. The price of eBooks decreases and the quantity of eBooks increases D. The price of eBooks decreases and the quantity of eBooks decreases E. The price of eBooks increases and the quantity of eBooks does not change 2. What happens to the equilibrium price and quantity of paperback books if income increases? 3. What happens to the equilibrium price and quantity of beer if the price of lemonade flavored alcoholic drinks increases? 4. What happens to the equilibrium price and quantity of beer if the price of yeast increases?
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