Market HW1 - Market HW 1 1 Draw 20 supply and demand models...

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Market HW 1 1. Draw 20 supply and demand models with labels. Try to get the equilibrium price and quantity in (or at least near) the middle of the graph—this just takes a bit of practice. 2. Show the market for oat bran with equilibrium price and quantity. Show what would happen on the market for oat bran for a-g below. (you need a new graph for each of a-g). a. an increase in income b. an increase in technology c. an increase in the cost of production d. a decrease in taste and preferences e. the surgeon general reports that oat bran prevents cancer f. the surgeon general reports that oat bran makes you smarter g. the price of wheat germ (a substitute) goes down. 3. Draw the market for Peanut Butter. a. Show the impact on the price and quantity for peanut butter from an increase in the price of bread. b. Show the impact on the market for peanut butter if it were reported that tofu prevents cancer. 4.
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Market HW1 - Market HW 1 1 Draw 20 supply and demand models...

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