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ECON 1005 – Learning Activity 4.1 Supply A supply schedule

01 / 10 / 2021 Projects

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ECON 1005 – Learning Activity 4.1 Supply A supply schedule

Learning Activity 4.1 SupplyA supply schedule is included here for graphical analysis. In order to fully understandsupply you should practice drawing and labeling the supply curve from a supply schedule.Note that understanding and drawing of graphs is important for other economic analysis,and will play an important role throughout economics and beyond. Now see if you cananswer the following questions.Price Quantity Supply ( QS )1 02 33 44 55 61. What can you explain from the graph?2. Can you identify any determinants?3. What happens if price changes?4. What happens if other determinants change?Learning Activity: Session 4.2 DemandPrice Quantity Demanded ( QD ) 1 9 2 6 3 4 4 3 5 2Try plotting the demand curve from the demand schedule information provided. What can you explain from the graph? Can you identify any determinants?What happens if price changes? What else do you think will happen?What happens if other determinants change?Learning Activity Session 4.3 Compliments and SubstitutesCan you think of goods and services that make up complements and substitutes of each other?Learning activity Session 4.4 Changes in EquilibriumConsider the market for minivans. For each of the events listed here, identify which of the determinants of demand or supply are affected. Also indicate whether demand or supply is increased or decreased. Then show the effect on the price and quantity of minivans.a. People decide to have more children.b. A strike by steelworkers raises steel prices. c. Engineers develop new automated machinery for the production of minivans.d. The price of station wagons rises.e. A stock-market crash lowers people’s wealth.Learning Activity Session 4.5 Supply and Demand AnalysisUse the information given to graph the individual demand and supply curves.1. From your graphs determine the equilibrium price and quantity.2. Use the equations given below to derive the equilibrium price, equilibrium quantity, and graph the equations. In addition, find the consumer and producer surplus. QD = 40 – 0.02P QS = -50 + 0.1P3. From a real world point of view, how do you think the concepts of equilibrium price, equilibrium quantity and consumer and producer surplus applies to you as a consumer? Can you think of a situation where you have applied these concepts in the past? 4. What was the outcome? 5. Would you make the same decision now after being exposed to the knowledge of markets and equilibrium analysis?



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