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Scify

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Econ 250 Homework 1 – Chapter 3
Name __Taniuska Sobalvarro_________

Problem 1
Suppose that in a recent market period, the following relationship existed between the price of blood glucose meters and the quantity supplied and quantity demanded. (See pages 66-67)

Price of Blood Glucose Meters ($) | Quantity Demanded | Quantity Supplied | 50 | 1,000 | 7,000 | 45 | 2,000 | 6,000 | 40 | 3,000 | 5,000 | 35 | 4,000 | 4,000 | 30 | 5,000 | 3,000 | 25 | 6,000 | 2,000 | 20 | 7,000 | 1,000 | 15 | 8,000 | 0 |

a. Graph the supply and demand curves for blood glucose meters using the information in the table. (Hints: use the following tutorial if needed to learn how to graph the demand and supply functions in Excel. You can copy the graph from excel and paste it on the space provided below: http://www.youtube.com/watch?v=pSsFUUMojxc. Use textbook’s problem 3-1 as a guide. Answer to problem 3-1 is provided in Appendix A).

b. What are the equilibrium price and quantity?

c. If the industry price is $25, is there a shortage or surplus of blood glucose meters?

d. See Part c above. How much is the shortage or surplus?

Problem 2
In the market for thumb drives (a normal good), explain whether the following events would cause an increase or a decrease in demand or an increase or a decrease in the quantity demanded. (See page 54 and problem 3-3).
a. There are increases in the prices of laptops and desktops computers.

b. There are decrease in the prices of laptops and desktops computers.

c. A booming economy increases the income of the typical buyer of thumb drives.

d. There are increases in the price of thumb drives.

Problem 3
Consider the market for paperbound economics textbooks. Explain whether the following events would cause an increase or a decrease in supply or an increase or decrease in the quantity supplied. (See page 64…...

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