6. Demand shifters Aa Aa a
The following graph shows the market demand for avocados. Suppose that a recent medical study suggests that eating
avocados increases life expectancy. Show the impact of the medical study by shifting the demand curve on the grap
11. Understanding changes in equilibrium price and quantity Aa Aa a
Suppose you are an analyst in the oil refinery industry and are responsible for estimating the equilibrium price and
quantity of home heating oil. To do so, you must consider factors that
10. Supply shifters Aa Aa EL
Suppose the following graph shows the market supply for oranges. Unusually good weather leads to a bumper crop of
oranges. Show the impact of the spell of great weather by shifting the supply curve on the graph.
Tool tip: Clic
7. Reading a supply curve Aa Aa E
Suppose that the following graph shows the supply curve for aluminum.
PRICE [Dollars per ton]
40 80 120 160 200 240 ZED 320
QUANTITY OF ALUMINUM [Millions of tons]
If the price of aluminum is $2,400 per
8. Individual and market supply Aa Aa EL
Suppose that Wendy and Sarah are the only suppliers of collectible action figures in Detroit. The following table shows their supply schedules.
Price Sarah's Quantity Supplied Wendy's Quantity Supplied
($ per fig
9. Changes in the supply of sedans Aa Aa El.
The following calculator shows the supply curve for sedans in an imaginary market. For simplicity, assume that all sedans are identical and sell for the
same price. Two factors that affect the supply of sedans
9. Gains from trade Aa Aa I;
Consider two neighboring island countries called Contente and Dolorium. They each have 4 million labor hours available per
month that they can use to produce rye, jeans, or a combination of both. The following table shows the
5. Creative destruction Aa Aa EL
Since the 19905, the United States has increased its trade with other countries. American citizens enjoy cheap
imports, such as clothing and toys, due to the lower cost of production in developing countries. On the other h
3. Determinants of demand Aa Aa :
The following calculator shows the demand curve for sedans (for example, Toyota Camrys or Honda Accords) in New York City. For simplicity, assume
that all sedans are identical and sell for the same price. Initially, the c
1. Reading a demand curve Aa Aa
Suppose that this graph shows the demand curve for electric cars.
PRICE [Dollars per car]
2000 - -
so 120 160 200 240 280 320
QUANTITY OF ELECTRIC CARS [Millions of cars]
If the price of an electric c
2. Individual and market demand Aa Aa EL
Suppose that Jake and Kristen are the only consumers of pizza slices in a particular market. The following table shows their demand schedules:
Price Kristen's Quantity Demanded Jake's Quantity Demanded
($ per sli
8. Comparative advantage Aa Aa E
Charles and Megan are farmers. Each one owns a 10-acre plot of land. The following table shows the amount of corn and barley each farmer can
produce per year on a given acre. Both farmers can choose whether to devote all 1
2. Efciency in the production possibilities model Aa Aa
Suppose Spain produces wheat and DVDs. The following graph shows Spain's current production possibilities curve
(PPC) and six output combinations (black X symbols) labeled A to F.
DVDs [Millions per
3. Economic Freedom and Standard of Living Aa Aa E
The greater a nations economic freedom, the higher its standard of living. This is because if people are not free to
work where they want at what they want and to purchase what they want, then they have f
2. Optimal choice of capital Aa Aa E
Erin makes sweaters in her home. She started with just some knitting needles and yarn and was able to knit 45
sweaters per year. Now some local stores have expressed interest in her designs and have offered to buy her
1. The circular ow model Aa Aa E1
The following diagram presents a circular ow model of a simple economy. The outer (green) set of arrows shows the
ow of money, and the inner (red) set of arrows shows the corresponding flow of inputs and outputs.
4. Monopoly profit and loss
BYOB is a monopolist in beer production and distribution in a small country.
Suppose that BYOB cannot price discriminate. It sells its beer at the same price per can to all customers. The following graph shows the marginal
Chapter Three Discussion Questions
1. Q: Were you on a prom, wedding, or anniversary planning committee?
What steps did you take to make it a success? What would you do
differently next time?
A: I have not personally been on any of tho
Chapter 23 Journal Entry
By definition, Mannerism is a style of art that exaggerates the qualities
of a piece. Many mannerism pieces are often bizarre, ambiguous,
asymmetrical, and deliberate. This style of art in Northern Europe flou
Chapter Four Discussion Questions
1. Q: What is the difference between promotion and branding?
A: Promotion is an activity that supports or provides active
encouragement for the furtherance of a cause, aim, or venture.
Branding is the
When a salt solution is added to the slide, this caused the water from the cell to leave. This resulted in the
chloroplasts forming into little ball-like structures and remain stagnant. When the elodea became revived from
the pond water, the water began t
Chapter Five Discussion Questions
1. Q: Why is it important to plan merchandise selection for a fashion
A: It is important to plan merchandise selection for a show because
this provides a structure and organization as to what th
Chapter 21 Journal Entry
The Italian Renaissance was a time of creative expression, a
development of culture, and a rebirth of art and architecture. Christianity,
specifically Catholicism, dominated all of Europe including Italy. This
Parts E & F
The reaction to this painting was quite significant. Rudolf Hapsburgs
father, Maximillian II, welcomed Arcimboldo to become a resident painter in
their court in Vienna. He acted as somewhat of a muse to them, while
How Water Sustains Life
Water is found everywhere on Earth. It is an absolutely essential component of life for all plants,
animals, and other species & sub-species of organisms. "When we find water here on Earth
whether it be ice-co
Research Assignment #3: Extremophiles & Energy
By definition, an extremophile is an organism that thrives under extreme conditions. It is mostly
used to describe prokaryotes and can be used interchangeably with the term archaea.
Research Assignment 4: A Cell Organelle
Mitochondria are rod-shaped organelles that is often referred to as the powerhouse of the cell. It
converts oxygen and nutrients into adenosine triphosphate (ATP). ATP is the chemical energy
Chapter 20 Journal Entry: The Northern Renaissance
The Northern Renaissance occurred in Europe during the 15th century.
The countries involved included France, countries of the Netherlands, and
the Holy Roman Empire (modern day Germany
The Creator of Elysium
Fashion Shows by definition are an event at which collections of newly designed clothing
are modeled for an audience. But, for us fashion students it is so much more. Come Saturday
April 29th, we will have logged hund
ELYSIUM: Hades & Persephone
In Greek mythology, the story of Hades & Persephone is one of the most
legendary tales of all time. Persephone, Goddess of Spring, was wandering
around the fields of Nysa picking flowers. She was suddenly abducted