The following questions refer to the Planet Money podcast ”Kid Rock vs The Scalpers”. a. What is the product and who are the market participants? b. Kid Rock seems to feel very strongly about the price of the tickets offered in his concerts. How are the prices related to supply and demand? Are the prices at an equilibrium? c. Why was one of the solutions proposed by Kid Rock increasing the number of shows? Draw a graph explaining your answer.

By using diagram, show the impact of a shift of demand or supply on the equilibrium point.

Explain how each of the following events changes the demand for or supply of jeans. A. People's incomes increase. B. A new technology becomes available that reduces the time it takes to manufacture a pair of jeans. C. The price of the cloth (denim) used to make jeans falls. D. Jeans come back into fashion. E. The price of a pair of jeans falls. F. The wage rate paid to garment workers rises. G. Many jeans producers go out of business. H. The price of a denim skirt halves. A. Event G decreases supply and event H increases demand. B. Event B decreases supply and event G increases demand. O C. Event C increases demand and event D increases supply. D. Event E increases demand and event F decreases supply. OE. Event A increases demand and event B increases supply.

There is a market for Purses. There is a decrease in the cost of leather. Describe and graph the next scenario.

Why are demand and supply diagrams so interesting and important?

If supply is diminished what happens to the price of goods? What happens to the demand for goods? Use your research to explain your conclusions and include a graph for at least one of your examples