1.
Are these products/services Elastic or Inelastic? Explain your answers.
.
Hotel Rooms E or IExplanation:
.
PhotographsE or IExplanation:
.
Taxi RidesE or IExplanation:
.
MassagesE or IExplanation:
.
OrangesE or IExplanation:
2.
Supply Curve/Schedule- Use the following information to draw up a supply schedule and curve.
•
A job at Wal-Mart opens up and 10 students are asked how many hours they would work at different prices. At $3 and hour the avg. was 3 hrs. If they made $5 they said they would work 12 hrs. At $7 they were willing to work 20 hrs. At $9 per hour they came up with 26 hours. And at $11 per hour these students were willing to work 32 hours per week.
3.
Five years later a Wal-Mart manager has a new opening. They want to know how many hours’ kids are willing to work at different levels of pay. Now it is your turn to survey students. You need to start out by increasing each salary from before by $2 an hour. Then you need to ask 10 students the number of hours they are willing to work. Add them up and figure out the averages. You need to put together a supply schedule and curve using these numbers compared to the previous numbers.
4. Is the labor (their product) of students elastic or inelastic? Explain.
Supply and Demand
Answers to these questions can be found in Chapter 5 & 6
4.
What is the difference between a Demand Schedule and aSupply Schedule?5.
What is Equilibrium?6.
What will buyers find on shelves at equilibrium?7.
What will firms find at equilibrium?8.
What is Disequilibrium?9.
What is Excess Demand?10.
What will happen to customers at excess demand?11.
What should a business do at excess demand?12.
What is Excess Supply?13.
What causes excess supply?14.
What will customers do at excess supply?15.
What is a Price Ceiling?16.
Give an example and explain.17.
What problems do price ceiling cause?18.
What are Price Floors?19.
Give an example.
No comments:
Post a Comment