6. How will an increase in the birth rate affect the equilibrium price of land?Answer: An increase in the birth rate will increase the population of potential buyers of land, andhence shift the demand curve for land to the right, resulting in an increase in the equilibriumprice of land.9. Use supply and demand analysis to explain why hotel room rental rates in Bryan CollegeStation during parents weekend and graduation weekends might differ from the rates chargedduring the rest of the year?Answer: Compared with the rest of the year, there are more people who want to stay in hotelrooms near campus during parents’ weekend and graduation weekends. Thus the demand curveshifts to the right during these weekends. This implies a higher equilibrium price for hotel rooms.12. What will happen to the equilibrium quantity and price of potatoes if population increasesand a new, higher yielding variety of potato plant is developed?
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