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    Economics Exrcises

    Uploaded by

    Alazer Tesfaye Ersasu Tesfaye
    This document defines and provides examples of various demand and supply terms including: - Quantity demanded and supplied - Demand and supply curves - Normal, inferior, substitute, and complementary goods - Price and income expectations - Advertising, population, factor prices, and technology It also provides the demand and supply equations for a company that produces Blue Meanies toy boats. It asks the reader to: 1) Identify what type of good an Apple Bonker is 2) Calculate the original equilibrium price and quantity of Blue Meanies 3) Calculate the new equilibrium price and quantity if income increases by $6,000

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    Economics Exrcises

    Uploaded by

    Alazer Tesfaye Ersasu Tesfaye
    22 views2 pages
    This document defines and provides examples of various demand and supply terms including: - Quantity demanded and supplied - Demand and supply curves - Normal, inferior, substitute, and complementary goods - Price and income expectations - Advertising, population, factor prices, and technology It also provides the demand and supply equations for a company that produces Blue Meanies toy boats. It asks the reader to: 1) Identify what type of good an Apple Bonker is 2) Calculate the original equilibrium price and quantity of Blue Meanies 3) Calculate the new equilibrium price and quantity if income increases by $6,000

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    This document defines and provides examples of various demand and supply terms including: - Quantity demanded and supplied - Demand and supply curves - Normal, inferior, substitute, and complementary goods - Price and income expectations - Advertising, population, factor prices, and technology It also provides the demand and supply equations for a company that produces Blue Meanies toy boats. It asks the reader to: 1) Identify what type of good an Apple Bonker is 2) Calculate the original equilibrium price and quantity of Blue Meanies 3) Calculate the new equilibrium price and quantity if income increases by $6,000

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    22 views2 pages

    Economics Exrcises

    Uploaded by

    Alazer Tesfaye Ersasu Tesfaye
    This document defines and provides examples of various demand and supply terms including: - Quantity demanded and supplied - Demand and supply curves - Normal, inferior, substitute, and complementary goods - Price and income expectations - Advertising, population, factor prices, and technology It also provides the demand and supply equations for a company that produces Blue Meanies toy boats. It asks the reader to: 1) Identify what type of good an Apple Bonker is 2) Calculate the original equilibrium price and quantity of Blue Meanies 3) Calculate the new equilibrium price and quantity if income increases by $6,000

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    1. Define and give an example of each of the following demand terms and concepts.

    Illustrate diagrammatically a change in each.


    a. Quantity demanded
    b. Demand
    c. Market demand curve
    d. Normal good
    e. Inferior good
    f. Substitute good
    g. Complementary good
    h. Price expectation
    i. Income expectation
    j. Advertising
    k. Population
    2. Define and give an example of each of the following supply terms and concepts.
    Illustrate diagrammatically a change in each.
    a. Quantity supplied
    b. Supply
    c. Market supply curve
    d. Factor price
    e. Technology
    f. Price expectation
    g. Advertising
    h. Substitute good
    i. Complementary good
    j. Taxes
    k. Subsidies
    l. Number of firms
    3. Yell-O Yew-Boats, Ltd. produces a popular brand of pointy birds called Blue
    Meanies. Consider the demand and supply equations for Blue Meanies:

    QD x = 150-2Px+0.001I+1.5Py

    QSX = 60+4Px-2.5W

    Where Qx = monthly per-family consumption of Blue Meanies

     Px = price per unit of Blue Meanies


     I = median annual per-family income = $25,000
     Py = price per unit of Apple Bonkers = $5.00
     W = hourly per-worker wage rate = $8.60
    a. What type of good is an Apple Bonker?
    b. What are the equilibrium price and quantity of Blue Meanies?
    c. Suppose that median per-family income increases by $6,000.
    a. What are the new equilibrium price and quantity of Blue Meanies?
    d. Suppose that in addition to the increase in median per-family income, collective
    bargaining by Blue Meanie Local #666 resulted in

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