{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

Project 1

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

This preview shows pages 1–2. Sign up to view the full content.

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?

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

View Full Document
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

### What students are saying

• As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

Kiran Temple University Fox School of Business ‘17, Course Hero Intern

• I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

Dana University of Pennsylvania ‘17, Course Hero Intern

• The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

Jill Tulane University ‘16, Course Hero Intern