ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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Demand Assignment
Turn in hard copy at the beginning of class on Tuesday (02/06). It will be
easier to draw the graphs by hand as opposed to electronically but be sure
they are legible and to scale.
Use the following demand schedule for a market for oranges to answer the
following questions.
Price ($/1b) Quantity Demanded (1000
lbs)
50
40
30
20
10
0
0
1
2
3
4
5
1. Plot the demand curve.
2. Suppose average incomes in this market increase. Illustrate how this
will impact the oranges market. Label the 'new' curve.
3. New scenario. Suppose the price of apples decreases. In a new chart,
illustrate how this will impact the oranges market.
4. Provide another specific example of a factor that would increase the
demand for oranges.
5. Provide another specific example of a factor that would decrease the
demand for oranges.
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Transcribed Image Text:Demand Assignment Turn in hard copy at the beginning of class on Tuesday (02/06). It will be easier to draw the graphs by hand as opposed to electronically but be sure they are legible and to scale. Use the following demand schedule for a market for oranges to answer the following questions. Price ($/1b) Quantity Demanded (1000 lbs) 50 40 30 20 10 0 0 1 2 3 4 5 1. Plot the demand curve. 2. Suppose average incomes in this market increase. Illustrate how this will impact the oranges market. Label the 'new' curve. 3. New scenario. Suppose the price of apples decreases. In a new chart, illustrate how this will impact the oranges market. 4. Provide another specific example of a factor that would increase the demand for oranges. 5. Provide another specific example of a factor that would decrease the demand for oranges.
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