09 Jul ECON 213 Problem Set 1 A+
Problem Set 1 is due by 11:59 p.m. (ET) on Monday of Module/Week 2.
- Based on the information provided below for the market for video games, answer the following questions:
| PRICE | Q DEMANDED | Q SUPPLIED |
| $50 | 5 | 9 |
| $45 | 7 | 7 |
| $40 | 9 | 5 |
| $35 | 11 | 3 |
| $30 | 13 | 1 |
- Draw and properly label the demand and supply graphs (this means you must label the axes and any lines you include on the graph).
Dark blue line: Supply Light Blue Line: Demand
- What is the equilibrium price and quantity? PRICE: $45 QUANTITY: 7
Now, assume that a new government report claims that video game play stimulates the brain.
- What will this do to the demand curve? Of the list of things in the text that cause a change in demand, which best fits here as the cause of the demand shift? This would cause the demand curve to shift to the right because the market demand will rise for video games since they stimulate brain function.
- What will happen to the equilibrium price and quantity? P: Increase Q: Increase
- Based on the information provided below for the state of Montana, answer the following questions:
| CHOICE | OIL / barrels | WHEAT / bushels |
| A | 5000 | 0 |
| B | 4500 | 10000 |
| C | 2500 | 20000 |
| D | 0 | 25000 |
- Draw the Production Possibilities Curve.
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