Problem #1 Price of Gasoline rises and Autoworkers gain 10% pay raise Price Qty SUV’s D1D1 S1S1...

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Problem #1 Price of Gasoline rises and Autoworkers gain 10% pay raise Price Qty SUV’s D 1 S 1 - - - - - - - - - - - - - $30K 2 Mil. E 1 D 2 -------------- S 2 Determinant of Demand Price of complement ↑ Demand decreases (Shifts left) Determinant of Supply Input Price ↑ Supply Decreases (Shifts left) Effect on Equilibrium Price is indeterminate Quantity ↓ Px ↓ Qty ↓ Px ↑ Qty ↓ - - - - - - - - - - - - - - E 2 P 2 Q 2

Transcript of Problem #1 Price of Gasoline rises and Autoworkers gain 10% pay raise Price Qty SUV’s D1D1 S1S1...

Page 1: Problem #1 Price of Gasoline rises and Autoworkers gain 10% pay raise Price Qty SUV’s D1D1 S1S1 ------------- $30K 2 Mil. E1E1 D2D2 -------------- S2S2.

Problem #1

Price of Gasoline rises and Autoworkers gain 10% pay raise

Price

Qty

SUV’s

D1

S1

-------------

$30K

2 Mil.

E1

D2

--------------

S2

Determinant of DemandPrice of complement ↑

Demand decreases(Shifts left)

Determinant of SupplyInput Price ↑

Supply Decreases(Shifts left)

Effect on Equilibrium

Price is indeterminate

Quantity ↓

Px ↓ Qty ↓

Px ↑ Qty ↓

--------------

E2P2

Q2

Page 2: Problem #1 Price of Gasoline rises and Autoworkers gain 10% pay raise Price Qty SUV’s D1D1 S1S1 ------------- $30K 2 Mil. E1E1 D2D2 -------------- S2S2.

Problem #2

Government Subsidies and Price of rice increases

Price

Qty

Wheat

D1

S1

-------------

$100

200K

E1

D2

--------------

S2Determinant of Demand

Price of Sub. IncreasesDemand Increases

(Shifts Right)

Determinant of SupplySubsidy ↑

Supply Increases(Shifts Right)

Px ↓ Qty ↑ Px ↑ Qty ↑

Effect on Equilibrium

Price is indeterminate

Quantity ↑

--------------

P2

Q2

E2--------------

Page 3: Problem #1 Price of Gasoline rises and Autoworkers gain 10% pay raise Price Qty SUV’s D1D1 S1S1 ------------- $30K 2 Mil. E1E1 D2D2 -------------- S2S2.

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1) C2) E3) A4) B5) B


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