# Supply-and-demand

Please answer these three problems I will send you a picture clarifying the way problem 8 and 11 are set up.

1. Explain each of the following statements using supply-and-demand diagrams.

a. â€œWhen a cold snap hits Florida the price of orange juice rises in supermarkets throughout the country.â€

b. â€œWhen the weather turns warm in New England every summer the price of hotel rooms in Caribbean resorts plummets.â€

c. â€œWhen a war breaks out in the Middle East the price of gasoline rises and the price of a used Cadillac falls.â€ 8. The market for pizza has the following demand and supply schedules: Price Quantity Demanded Quantity Supplied \$4 135 pizzas 26 pizzas 5 104 53 6 81 81 7 68 98 8 53 110 9 39 121 a. Graph the demand and supply curves. What are the equilibrium price and quantity in this market? b. If the actual price in this market were above the equilibrium price what would drive the market toward the equilibrium? c. If the actual price in this market were below the equilibrium price what would drive the market toward the equilibrium? 11. Suppose that the price of basketball tickets at your college is determined by market forces. Currently the demand and supply schedules are as follows: Price Quantity Demanded Quantity Supplied \$4 10000 tickets 8000 tickets 8 8000 8000 12 6000 8000 16 4000 8000 20 2000 8000 a. Draw the demand and supply curves. What is unusual about this supply curve? Why might this be true? b. What are the equilibrium price and quantity of tickets? c. Your college plans to increase total enrollment next year by 5000 students. The additional students will have the following demand schedule: Price Quantity Demanded \$4 4000 tickets 8 3000 12 2000 16 1000 20 0 Now add the old demand schedule and the demand schedule for the new students to calculate the new demand schedule for the entire college. What will be the new equilibrium price and quantity?

Requirements: 1-2 pages

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