1)What effect will a hurricane in Florida have on the orange market if it destroys much of theorange crop?A. Equilibrium quantity will increase and equilibrium price will increase.B. Equilibrium quantity will decrease and equilibrium price will decrease.C. Equilibrium quantity will increase and equilibrium price will decrease.D. Equilibrium quantity will decrease and equilibrium price will increase.2)If a new study is released saying that consuming beets is healthy, what will most likely be theeffect in the beet market?A. Equilibrium quantity will increase and equilibrium price will decrease.B. Equilibrium quantity will decrease and equilibrium price will decrease.C. Equilibrium quantity will decrease and equilibrium price will increase.D. Equilibrium quantity will increase and equilibrium price will increase.3)If a new technology is developed that allows firms to produce twice as many tablesin their factories, what can we expect to happen on the market for tables?A. Equilibrium quantity will decrease and equilibrium price will increase.B. Equilibrium quantity will decrease and equilibrium price will decrease.C. Equilibrium quantity will increase and equilibrium price will increase.D. Equilibrium4)If the demand curve shifts left and the supply curve shifts left, what will happen to equilibriumprice and equilibrium quantity?A. Equilibrium quantity will decrease and equilibrium price will decrease.B. Equilibrium quantity will increase and equilibrium price will be indeterminate.C. Equilibrium quantity will decrease and equilibrium price will be indeterminate.D. Equilibrium quantity will be indeterminate and equilibrium price will decrease.5)If the demand curve shifts right and the supply curve shifts left, what will happen to equilibriumprice and equilibrium quantity?A. Equilibrium price will be indeterminate and equilibrium quantity will decrease.B. Equilibrium price will decrease and equilibrium quantity will be indeterminate.C. Equilibrium price will increase and equilibrium quantity will be indeterminate.D. Equilibrium price will be indeterminate and equilibrium quantity will increase.6)Which of the following is an example of a binding price floor?A. The equilibrium price of corn is $1 per pound and the government enacts a law making itillegal to sell corn for less than $2 per pound. B. The equilibrium price of corn is $1 per pound and a new law says that corn must be sold at aprice no more than $3 per pound.C. The equilibrium price of corn is $1 per pound and a new law says that corn must be sold at aprice no more than $0.50 per pound.D. The equilibrium price of corn is $1 per pound and the government enacts a law forcingfarmers to sell their corn for no less than $0.50 per pound.7)Which of the following is an example of a non-binding price ceiling?A. The equilibrium price of corn is $1 per pound and a new law says that corn must be soldat a price no more than $3 per pound.B. The equilibrium price of corn is $1 per pound and the government enacts a law forcingfarmers to sell their corn for no less than $0.50 per pound.C. The equilibrium price of corn is $1 per pound and a new law says that corn must be soldat a price no more than $0.50 per pound.D. The equilibrium price of corn is $1 per pound and the government enacts a law making itillegal to sell corn for less than $2 per pound.8)Suppose the equation for a demand function is given by QD = 100 – 10P and thecorresponding supply function is given by QS = -20 + 30P. What is the equilibrium price andequilibrium quantity in this market?A.P* = 6 and Q* = 40B.P* = 2 and Q* = 80C.P* = 70 and Q* = 3D.P* = 3 and Q* = 709)Use the figure to calculate producer surplus, assuming the market is in equilibrium.A. $30B. $75C. $45D. $60 10)Suppose the demand for a product can be modeled with the equation QD = 100 – 2P andthe corresponding supply curve can be modeled with QS = 3P.1. Solve for the equilibrium price and equilibrium quantity of this good.2. What would create a larger deadweight loss, a $70 price floor or a $50 price ceiling? Showhow you calculate each deadweight loss value.11)Explain the purpose of the ceteris paribus assumption used by economists. 1.2.3.1.2. 12)Suppose the demand for condominiums (in thousands) in New York City is given by QD =1,000,000 – 2000P and the supply of condominiums is QS = 2500 + 10,000P.Calculate the equilibrium quantity and price of a condominium in New York City.If the market is unregulated, what will be the consumer surplus and producer surplus?Suppose the government attempts to help residents by imposing a price ceiling of $650,000on condos.With the price ceiling enacted, what is the excess demand for condos?What is the newconsumer surplus and new producer surplus?What is the deadweight loss?13)Voluntary transactions between a buyer and seller are always beneficial to both parties (atleast in the eyes of the buyer and seller at the time of purchase). Explain why this must betrue using the ideas of equilibrium price, willingness to pay, and/or consumer and producersurplus.
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