What happens to a supply curve when price changes but structural variables remain fixed? Provide an economic interpretation of this case.

Predict how each of the following economic changes will affect the equilibrium price and quantity in the financial market for home loans. Sketch a demand and supply diagram to support your answer.  Banks that have made home loans find that a larger number of people than they expected are not repaying those loans.

Draw a model: Consider the market for corn. Suppose that right now, the equilibrium price is considered “too low” by farmers (i.e. suppliers) in order to make a living. These farmers go to their state representatives and convince them to enact a price floor that is above the equilibrium price. Depict this situation graphically. Is there a shortage or a surplus (or does nothing happen)? Now, conceptually, describe how we know with certainty, that consumers are harmed by this policy. Then, describe conceptually how farmers may be harmed or may benefit from this policy. Graphically depict how we know that consumers are harmed while farmers may be better or worse off (ambiguous). If we were to consider the “total surplus” of consumers and farmers, can we say with certainty whether this economy is better or worse off from the price floor?

THIS IS FOR MATHEMATICAL ECONOMIC CLASS  Question (2): The market for disposable cell phones: Q = 2300 – 16p and Q = 1850 + 14p. Find the equilibrium price and quantity. Suppose that a new technology has emerged that will enable firms to mass produce the cell phones at a reduced cost. Which curve will be affected and what will be the general outcome? Going back to question (b), if the new equilibrium price of a disposable cell phone is $11.25, how many disposable cell phones will be demanded by consumers? Derive the new function based on your analysis.

The graph below shows the market for labor (coal miners). New coal-mining equipment is invented that is cheap and requires fewer workers to run. Demonstrate the effect this equipment has on the demand for coal miners. Provide your answer below: Wage Supply New Equilibrium Original Equilibrium Demand Quantity of Coal Miners

Consider a market in which the demand curve is given by P= 1000-50, and the supply curve is given by P = 1.00. Suppose there is a positive supply shock and the supply curve shifts to the right, so that quantity supplied increases by 100 at each price, What is the new equilibrium price? Give your answer to 2 decimal places.