answersheet quiz - Supply and Demand Quiz NamefClass...

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Unformatted text preview: '\ Supply and Demand Quiz NamefClass Meeting Time: & N 5 LG L E“ Kit—5'1 “like Consider the Lancaster market for gasoline. Label the axes & lines of your graphs and mark the current equilibrium. For each of the following scenarios, if the scenario described causes a shift in one of the curves, draw it. In the spaces provided, list the shift factor causing the shift, and’predict whether the shift will cause equilibritnn price or quantity to rise (T), fall {l}, or have an indeterminate (‘3) irnpact. Shift factofis}: E 5:11: by '5 Q'L" 9 TD 5 k, LEV". E 1'"; The price of chemicals used to process oil into refined gas rises dramatically. Shifi factofls}%§flfi§i_wg\ Lgufiédm "£- I‘he government establishes an electrically-powered bus service in Lancaster with regular service to all areas of the county. The bus tickets are subsidized by the government: Lancaster residents pay only 25 cents to travel anywhere in the county by bus. What is the impact on themarltet for gasoline? ants that cause the demand curve to Sgfiewt' x n 1.5“. U. a; W we . t- n r- 7 _ i ELAN kmxkhmhfi eh Sat 1:! is drunk 5) ht}, E1: is. £2536: W anvil“. .. QM- Suppty and Demand Quiz Namea'Ciass Meeting Time: Consider a market for sleds. Jewel the axes d: lines of yotu‘ graphs and mark the current equilibrium. For each of the following scenarios if_“ the scenario described causes a shifi in one of the curves, draw it. In the spaces provided. list the shin factor causing the shift, and predict whether the shift will cause equilibrium price or quantity to rise {1‘} fall {1), or have an in eterniinate if?) impact. 2. 3?: Shift Mosaizw$fiih‘ so at?” 'b-E—Ljdxfi 1511355 it. Hi 5." “toxic “in A new type of plastic rs invented which has the same slippery properties as the wanted mahogany traditionally used in sleds but costshalf as much as waxed mahogany. Shifi factnrfs}: 31!” $1: 3 5 g D35 ELKEQQx' 3““‘WSVL The price of ice skates decrease {average winter temperature freezes lakes in this market.) What is the impact on the 313d market? Q $.ka List five [5) non—price determinants that cause the suppiy curve to shift. ”tens; 5:: :fifiMthg Earn “mu-5h ransom Swim“; hehuhexfi U- ; gagggr Q an. Pegb‘hgfi Fir-{Jhgruh EEK-W \. ;:fl}mss} {371.35- ‘5' 1: re- J‘e—Lfi- r Com 1? fa blah-«a. ...
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