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PROBLEM SET 1 Name: ______________________________________________ Problem Set 1 is to be completed by 11:59 p.m. (ET) on Monday of Module/Week 2. 1. Based on the information provided 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 a.) Draw and properly label the demand and supply graphs (this means you must label the axes and any lines you include on the graph). b.) What is the equilibrium price and quantity? a.) b.) PRICE: ______________________ QUANTITY: ______________________ Now, assume that a new government report claims that video game play stimulates the brain. c.) What will this do to the demand curve? Of the available list of things in the text that causes a change in demand, which best fits here as the cause of the demand shift? d.) What will happen to the equilibrium price and quantity? c.) d.) P: _______________________ Q: _______________________ 2. Based on the following information for the state of Montana, a. Draw the Production Possibilities Curve. b. Determine the opportunity costs for a move from A to B; B to C; and C to D. CHOICE OIL / barrels WHEAT / bushels A 5000 0 B 4500 10000 C 2500 20000 D 0 25000 a.) b.) A to B: _____________ B to C: __________________ C to D: _________________ 3. In the space provided you are to do a number of things: a. Draw and properly label a demand and supply curve. b. Indicate where the equilibrium Price and Quantities are located. c. How do things change based on the following scenario? • The market for hybrid cars is changing. There are more providers but due to bad publicity and poor performance, demand is falling. Knowing this information, you need to first tell me, and then show this in your graph: 1.) What is the market you are dealing with? 2.) Which curve(s) change and based on the lists in the text of what causes demand and supply to shift what are the causes of theses shifts? 3.) In what direction do they change? What happens to the equilibrium price and quantity after these changes are put into effect? Do they go up, down or stay the same? P: _______________________ Q: _______________________ 4. Using the following information for individuals and their willingness to pay for a bottle of ginger ale, calculate the total consumer surplus at a market price of $5. Maximum amount a buyer would pay for ginger ale Scott $10 Dennis $4 Greg $8 Dave $7 Mike $5 Using the information below about willingness to supply ginger ale, calculate the total producer surplus at a market price of $5. Marginal cost of producing ginger ale Gene $6 Brandon $3 Matt $2 Cooper $11 Jed $5 How do your answers change if the price falls to $2?

Problem Set 1

Name: ______________________________________________

 

Problem Set 1 is to be completed by 11:59 p.m. (ET) on Monday of Module/Week 2.

 

 

  1. Based on the information provided 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

 

a.)    Draw and properly label the demand and supply graphs (this means you must label the axes and any lines you include on the graph).

b.)    What is the equilibrium price and quantity?

 

 

a.)

 

 

 

 

 

 

 

 

 

 

 

b.) PRICE: ______________________                      QUANTITY: ______________________

 

 

Now, assume that a new government report claims that video game play stimulates the brain.

c.)    What will this do to the demand curve? Of the available list of things in the text that causes a change in demand, which best fits here as the cause of the demand shift?

d.)    What will happen to the equilibrium price and quantity?

 

c.)

 

 

d.)    P: _______________________                Q: _______________________

 

  1. Based on the following information for the state of Montana,

a. Draw the Production Possibilities Curve.

b. Determine the opportunity costs for a move from A to B; B to C; and C to D.

 

 

CHOICE OIL / barrels WHEAT / bushels
A 5000 0
B 4500 10000
C 2500 20000
D 0 25000

 

a.)

 

 

 

 

 

 

 

 

 

 

 

b.) A to B: _____________     B to C: __________________            C to D: _________________

 

 

 

 

  1. In the space provided you are to do a number of things:

a. Draw and properly label a demand and supply curve.

b. Indicate where the equilibrium Price and Quantities are located.

c. How do things change based on the following scenario?

  • The market for hybrid cars is changing. There are more providers but due to bad publicity and poor performance, demand is falling.

 

Knowing this information, you need to first tell me, and then show this in your graph:

 

1.)    What is the market you are dealing with?

 

 

2.)    Which curve(s) change and based on the lists in the text of what causes demand and supply to shift what are the causes of theses shifts?

 

 

 

3.)    In what direction do they change?

 

 

What happens to the equilibrium price and quantity after these changes are put into effect? Do they go up, down or stay the same?

 

 

P: _______________________                      Q: _______________________

 

 

 

  1. Using the following information for individuals and their willingness to pay for a bottle of ginger ale, calculate the total consumer surplus at a market price of $5.

 

  Maximum amount a buyer would pay for ginger ale
Scott $10
Dennis $4
Greg $8
Dave $7
Mike $5

 

 

 

Using the information below about willingness to supply ginger ale, calculate the total producer surplus at a market price of $5.

  Marginal cost of producing ginger ale
Gene $6
Brandon $3
Matt $2
Cooper $11
Jed $5

 

 

How do your answers change if the price falls to $2?

 

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