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Chapter 3: Q. 1 - For Critical Thinking (page 70)
What do you predict has happened to oil storage prices
whenever shortages of storage space have arisen?
Rise.
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What do you suppose has happened to the positions of the supply curves in the markets for commodities such as almonds,apples,cotton,oranges,grapes,lemons,rice,and walnuts?
Suppose that in a recent market period,the following relationship existed between the price of
tablet devices and the quantity supplied and quantity demanded.
Graph the supply and demand curves for tablet
devices using the information in the table.What are
the equilibrium price and quantity?If the industry
price is$340,is there a shortage or surplus of tablet
devices?How much is the shortage or surplus?
What happens to ticket scalpers who are still holding tickets after an
event has started?
Consider the market for smartphones. Explain whether the following events would cause an increase or a decrease in supply or an increase or a decrease in the quantity supplied. Illustrate each, and show what would happen to the equilibrium quantity and the market price.
a. The price of touch screens used in smartphones declines.
b. The price of machinery used to produce smartphones increases.
c. The number of manufacturers of smartphones increases.
d. There is a decrease in the market demand for smartphones.
For each of the following shifts in the demand curve and associated price change of complement or substitute item, explain whether the price of the complement or substitute must have increased or decreased.
a.Arise in the demand for a dashboard global positioning-system device follows a change in the price of automobiles, which are complements.
b.A fall in the demand fore-book readers follows a change in the price of e-books, which are complements.
c.Arise in the demand for tablet devices follows a change in the price of ultrathin laptop computers, which are substitutes.
d.A fall in the demand for physical books follows a change in the price of e-books, which are substitutes.
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