Demand and Supply

Demand and Supply

In each of the following scenarios decide if the product is moving along the curve ( The price of diamonds has gone from $ 1,000 a karat to $ 2,000 a karat, this represents movement along the curve. Higher the price less of the demand.) OR If the product’s determinants have shifted the curve. (flat screen TVs have become more popular (notice no mention of price). The demand curve has shifted to the right.)
1.What are the determinants of demand? (Just list them)
2.What effect will each of the following have on demand for small automobiles such as the Mini-Cooper and Smart Car?

A. Small automobiles become more fashionable.

B. The price of large automobiles rises (with the price of small autos remaining the same.)

C. Income declines and smalll autos are an inferior good.

D. Consumers anticipate that the price of small autos will greatly come down in the near future?

E. The price of gasoline substantially drops.

In each of the following scenarios decide if the product is moving along the curve ( The price of diamonds has gone from $ 1,000 a karat to $ 2,000 a karat, this represents movement along the curve.) Higher the price more diamonds will be mined or more supplied.) OR If the product’s determinants have shifted the curve. (The process of mining diamonds has become less expensive). The costs of producing the diamonds is less then supply curve has shifted to the right

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1.What are the determinates of supply? (Just list them)
2.What effect will each of the following have on supply for auto tires?

A. A technological advance in the methods of producing tires.

B. A decline in the number of firms in the tire industry.

C. An increase in the prisces of rubber used in the production of tires.

D. A decline in the price of the large tires used for semi-trucks and earth-hauling rigs (with no price change in the price of auto tires).

E. The expectation that the equilibrium price of auto tires will be lower in the future, than now.

F. The levying of a per-unit tax on each auto tire sold.

G. The granting of a 50-cent-per-unit subsidy for each auto tire produced.

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