ApEc 1101 HW #1 Spring 2014 - ApEc 1101 Principles of Microeconomics Spring 2014 Homework Assignment#1 Due 02.21.14[submit to your TA in your discussion

ApEc 1101 HW #1 Spring 2014 - ApEc 1101 Principles of...

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ApEc 1101 Principles of Microeconomics Spring 2014 Homework Assignment #1 Due 02.21.14 [submit to your TA in your discussion section] Answer the following questions on separate sheets of paper or in a blue book. Make sure your handwriting is legible and your graphs are clearly labeled . Each Question is worth 10 points. 1. In December, the price of Christmas trees sold rises and the quantity of trees sold rises. Does this violate the law of demand? Use graph[s] and verbal explanations to illustrate your answer. 2. Suppose market research reveals the following information about the market for Snickers chocolate bars. The demand schedule is represented by the following equation: 2400 300 D Q P = , where D Q is the quantity demanded and P is the price. The supply schedule is represented by the following equation: 1400 700 S Q P = + , where S Q is the quantity supplied. Calculate the following: a. Derive the demand curve and supply curve. b. Determine the equilibrium price and quantity of snickers chocolate bars.
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