03 Jun Question Principles of Economics II
Question
Principles of Economics II
Part I (6 points: 2 points each)
All of the questions in this Part refer to the market for jelly doughnuts. All questions are concerned only with the short run. Each situation is not related to the others. Analyze each question separately.
Assume that the supply and demand curves are normally shaped. In each question, at most one curve will shift. Use the following code to indicate each of your answers:
a. Demand increases.
b. Demand decreases.
c. Supply increases.
d. Supply decreases.
e. Neither demand nor supply changes.
——————————————————–
1. The price of coffee doubles.
2. The price of jelly used as filling in jelly doughnuts rises by 20%.
3. A significant number of people decide to go on “low carb” diets.
Part II (6 points: 2 points each)
All of the questions in this Part refer to the market for gasoline. All questions are concerned only with the short run. Each situation is not related to the others. Analyze each question separately.
Assume that the supply and demand curves are normally shaped. In each question, at most one curve will shift .Use the following code to indicate each of your answers:
a. Demand increases.
b. Demand decreases.
c. Supply increases.
d. Supply decreases.
e. Neither demand nor supply changes.
——————————————————–
1. Huge new crude oil reserves are discovered in the western United States.
2. The price of train and air transportation doubles because of Homeland Security charges.
3. The price of new automobiles falls by20%.
Part III (6 points: 2 points each)
All of the questions in this Part refer to the market for cigars in the United States. All questions are concerned only with the short run. Each situation is not related to the others. Analyze each question separately.
Assume that the supply and demand curves are normally shaped. In each question, at most one curve will shift .Use the following code to indicate each of your answers:
a. Demand increases.
b. Demand decreases.
c. Supply increases.
d. Supply decreases.
e. Neither demand nor supply changes.
——————————————————–
1. The price of the tobacco used in cigars falls by 25%.
2. Smoking of cigars is banned from all public areas in the United States.
3. The price of cigars in the United States rises by 20%.
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