1.  Explain the law of demand and the law of supply, and through a diagram or a detailed description, describe how equilibrium price and quantity are determined in a market.

16. What do you understand by supply and what would you say is its main purpose?

6. How will the following events affect equilibrium price and quantity for the product highlighted in italics? In each case, identify how the supply or demand curve shifts.   a. A drop in consumer incomes influences the demand for dry cleaning b. Declining numbers of law school graduates affect the supply of legal services c. Consumer expectations that the price of turkeys will soon rise affect the current demand for turkeys d. A cost-saving technological innovation influences the supply of rice

Show the impact of colder than average spring weather in the Northwest United States on the markets for each of the following products. Indicate what you expect to happen to the market equilibrium price of each product.

12. What is the difference between a change in supply and a change in quantity supplied? A (change in supply) or to the right (an increase in supply). A change in supply, therefore, is a change in the entire supply schedule or curve. ) is a shift in the entire supply curve either to the left (a decrease in In contrast, a ( change in schedule from one price-quantity combination to another. A change in product price causes the change in quantity supplied. ) is a movement along an existing supply curve or PA P (Increase, Decrease) in (Increase, Decrease) in

What is the new market equilibrium?   The new equilibrium price is $ enter your response here a bar and the new equilibrium quantity is enter your response here bars a day.

2. For each of the following, state (and support with a graph) how the change will affect supply, demand, quantity supplied, quantity demanded, equilibrium quantity, and equilibrium price in the market for French fries in Laramie. a. The Burger King on Grand Avenue closes for a remodel ). b. UW has the largest incoming freshmen class this year . c. Consumers' income increases and the price of potatoes increases .

1. Use the market model of supply and demand to illustrate and explain the impact of the following events on the market for coffee. Make sure to identify which side(s) of the market is impacted, explain why it is impacted, how it is impacted, and the overall impact on the equilibrium price and quantity. a) The price of tea goes up by 100 percent. b) A study is released that links consumption of caffeine to increased incidence of cancer. c) Workers in the coffee industry unionize and negotiate higher wages.

1. What is the equilibrium price in this market? 2. What is the equilibrium quantity in this market? 3. At a price of two dollars will there be a surplus or shortage of units in this market? 4. At a price of eight dollars how large of a surplus will there be in this market? 5. If the supply curve shifts to the right, will the price in this market rise or fall?