eco102

 

Illustrate the following with supply and demand curves. For each, include 1-3 sentences explaining your graph. For full credit, graphs must be both fully labeled and correct, and explanations must be complete and correct.

 

 

 

  1. With increased access to wireless technology and lighter weight, the demand for laptop computers has increased substantially. Laptops have also become easier and cheaper to produce as new technology has come online. Despite the shift in demand, prices have fallen.

     

  2. Cranberry production in Massachusetts totaled 2.37 million barrels in 2008, a 56% increase from the 1.52 million barrels produced in 2007.  The price of cranberries increased from $49.80 per barrel in 2007 to $56.70 per barrel in 2008.

 

 

 

  1. Before economic reforms were implemented in the countries of Eastern Europe, regulation held the price of bread substantially below equilibrium. When reforms were implemented, prices were deregulated and the price of bread rose dramatically.  Illustrate the market for bread before reforms and show the impact of reforms on quantity demanded and quantity supplied.

 

 

 

  1. The steel industry has been lobbying for high taxes on imported steel. Russia, Brazil, and Japan have been producing and selling steel on world markets at $610 per metric ton, well below what equilibrium would be in the United States with no imports. If no imported steel was permitted into the country, the equilibrium price would be $970 per metric ton. Show supply and demand curves for the United States, assuming no imports; then show what the graph would look like if U.S. buyers could purchase all the steel that they wanted from world markets at $610 per metric ton; show the quantity of imported steel.

 

 

 

  1. The U.S. government administers two programs that affect the market for cigarettes. Media campaigns and labeling requirements are aimed at making the public award of the health dangers of cigarettes. At the same time, the Department of Agriculture maintains price supports for tobacco. Under this program, the supported price is above the market equilibrium price and the government limits the amount of land that can be devoted to tobacco production.  Illustrate graphically the effects of both policies on the market for cigarettes.  In your discussion answer the following:  Are these two programs at odds with the goal of reducing cigarette consumption?

     

 

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