During the spring when demand for lobster is relatively low, Maine lobster fishermen are able to sell their lobster catches for about $4.50 per pound. During the summer when demand for lobster is much higher, Maine lobster fishermen are able to sell their lobster catches for only about $3.00 per pound. It may seem strange that the market price is higher when demand is low than when demand is high. Can you resolve this paradox with the help of a demand and supply graph? [You can attach your graph to your posting.]

Last year, a man shared a video on TikTok of himself longboarding to work while drinking a bottle of OceanSpray juice. This resonated with the online community and kicked off a challenge to reproduce the scene using the same drink. Use the Four-Step method and draw a supply/demand graph to predict the effect on equilibrium price and quantity for OceanSpray. Clearly label your graph and upload it to the dropbox labeled (you may draw it on paper and take a picture, or use some other software).

Suppose that in 2007 Ford sold 500,000 Mustangs at an average price of $18,800 per car; in 2008, 600,000 Mustangs were sold at an average price of $19,500 per car. From these statements what changes in supply or demand on the market for Mustangs produced such changes in equilibrium? (One graph. Start by plotting two points (price versus quantity, shift either supply or demand, not both) and then draw supply and demand graphs through them in a way that explains the change in the equilibrium from 2007 to 2008.

The island nation of Coconutistan recently suffered an unfortunate accident which took its water treatment plant offline, leaving residents without clean water in their homes. The plant for bottling water was unaffected by the accident. The graph shows the supply and demand for bottled water before the accident. Assume that $6 is the maximum price for a case of bottled water according to the price gouging laws on the island. Shift one or more curves to show the effect of the accident on the market for bottled  water. Price ($)Quantity of bottled water by the case01002003004005006007008009001,000012345678910SupplyDemandPrice ceiling What is the amount of the shortage after the accident? shortage:

Suppose that there are two companies that produce mobile phones: Brand A and Brand B. Explain how each of the following events will affect the market for Brand A phones by using supply and demand diagrams (mention the changes in equilibrium price and quantity): a) Price of Brand B phones increased. b) Brand A's factory's production capacity dropped because of a shortage in raw materials supplies. c) Brand A has developed a new technology that allows to assemble the phone's components in a cheaper way.

Using supply-and-demand diagrams explain how the following events would affect the supply or demand in each market (draw the original demand and supply and in the same graph draw the NEW demand or supply-showing your shifts) and how the quantity and price of in equilibrium will be affected: a) An ongoing, chronic shortage of long-haul drivers is creating major issues with trucking capacity, leading to delays when transporting goods across countries. Also, because building materials like steel beams, concrete slabs, pipes, logs, etc. are large and very heavy, it’s common for companies to use oversized flatbed fleet trucks or tractor trailer fleet trucks to ship them around the country. What happens in the market of building materials due to this event? b) What happens in the market for ramen noodle soup if: there is a world-wide recession that decreases consumers' incomes (assume ramen noodle soup is an inferior good)?

In each of the following scenarios, explain the changes in either supply or demand that would result. If the initial equilibrium price were yet to change, indicate whether a surplus or a shortage would result. Given this, what do you expect will subsequently happen to the price of the good? In the market for paper: New advances in recycling technology reduce the cost of producing paper made from recycled materials. In the market for lightbulbs: Recently General Electric, one of the largest suppliers of light bulbs, decided to discontinue producing light bulbs. In the market for Las Vegas hotels: A heat wave in Las Vegas causes tourists to cancel their hotel room reservations and vacation elsewhere.

What are the effects on the equilibrium price and quantity of chocolate if information becomes available that eating chocolate makes your hair fall out and at the same time the price of sugar that is needed to make chocolate reduces by 10 percent? Clearly state the effect on demand and supply and whether equilibrium price and/or quantity have increased, decreased or whether the outcome is uncertain.

Using supply-and-demand diagrams explain how the following events would affect the supply or demand in each market (draw the original demand and supply and in the same graph draw the NEW demand or supply-showing your shifts) and how the quantity and price of in equilibrium will be affected:       a) An ongoing, chronic shortage of long-haul drivers is creating major issues with trucking capacity, leading to delays when transporting goods across countries. Also, because building materials like steel beams, concrete slabs, pipes, logs, etc. are large and very heavy, it’s common for companies to use oversized flatbed fleet trucks or tractor trailer fleet trucks to ship them around the country. What happens in the market of building materials due to this event? b) What happens in the market for store brand sodas if: there is a world-wide recession that decreases consumers' incomes (assume ramen noodles are an inferior good)?

Answer in reference to diagram