Supply and Demand

User Generated

wcehqvihf

Economics

Description

Please complete in word file and APA format. See attached file for assignment details. Thank you

Unformatted Attachment Preview

11/28/2018 Module 02 Principles of Economics Credit by Assessment Module 02 Principles of Economics Credit by Assessment Your task is to complete all assigned questions to the best of your ability. Best of luck! 1. In two or more sentences de ne, the Law of Supply? 2. In two or more sentences de ne, the Law of Demand? 3. Identify at least 4 determinants of supply? 4. Identify at least 4 determinants of demand? 5. In two or more sentences explain how the equilibrium point is determined? The graph below was constructed by using the values in the table as references. https://rasmussen.mycourselabs.com/labs/mod/assign/view.php?id=96951 1/8 11/28/2018 Module 02 Principles of Economics Credit by Assessment Quantity Demanded Quantity Supplied Price 110 10 1 100 20 2 90 30 3 80 40 4 70 50 5 60 60 6 https://rasmussen.mycourselabs.com/labs/mod/assign/view.php?id=96951 2/8 11/28/2018 Module 02 Principles of Economics Credit by Assessment 50 70 7 40 80 8 30 90 9 20 100 10 10 110 11 6. If Joshua has an increase in income, would the supply curve or demand curve shift and in which direction or would there be movement along the demand curve? Please explain in one to two sentences. 7. If taxpayers are given a tax credit for the purchase of electric automobiles, please illustrate on the graph given below a shift in the supply or a shift in demand curve for electric automobiles. Please state whether price will increase or decrease and whether quantity will increase or decrease. https://rasmussen.mycourselabs.com/labs/mod/assign/view.php?id=96951 3/8 11/28/2018 Module 02 Principles of Economics Credit by Assessment 8. If agricultural subsidies were cut, please illustrate on the graph below the direction or movement of the supply or demand curve. Please state whether the price will increase or decrease and whether quantity will increase or decrease. https://rasmussen.mycourselabs.com/labs/mod/assign/view.php?id=96951 4/8 11/28/2018 Module 02 Principles of Economics Credit by Assessment 9. If tastes increase and taxes decrease, please illustrate the direction or movement of the supply and demand curves and state whether price will increase, decrease, or remain at the same level and state whether quantity will increase, decrease, or remain at the same level. https://rasmussen.mycourselabs.com/labs/mod/assign/view.php?id=96951 5/8 11/28/2018 Module 02 Principles of Economics Credit by Assessment 10. If input costs decrease and income decrease by the same proportion, please illustrate the direction or movement of the supply and demand curves and state whether price will increase, decrease, or remain at the same level and state whether quantity will increase, https://rasmussen.mycourselabs.com/labs/mod/assign/view.php?id=96951 6/8 11/28/2018 Module 02 Principles of Economics Credit by Assessment decrease, or remain at the same level. Grading Rubric: Your project will be graded using the rubric below: F F C B A 0 1 2 3 4 No Pass Competence Pro ciency Mastery Failure to Able to state Able to state Able to state adequately what price what price and articulate Did Not Submit https://rasmussen.mycourselabs.com/labs/mod/assign/view.php?id=96951 7/8 11/28/2018 Module 02 Principles of Economics Credit by Assessment state price ceiling and ceiling and what price ceiling and price oor. price oor. ceiling and price oor. Elasticity of Elasticity of price oor. Elasticity of demand and demand and Elasticity of demand and substitute and substitute and demand and substitute and complementary complementary substitute and complementary goods goods Also complementary goods able to give goods. Also examples of able to give price ceiling examples and and price oor. articulate price Elasticity of ceiling and demand and price oor. substitute and Elasticity of complementary demand and goods substitute and complementary goods https://rasmussen.mycourselabs.com/labs/mod/assign/view.php?id=96951 8/8
Purchase answer to see full attachment
User generated content is uploaded by users for the purposes of learning and should be used following Studypool's honor code & terms of service.

Explanation & Answer

...


Anonymous
Nice! Really impressed with the quality.

Studypool
4.7
Trustpilot
4.5
Sitejabber
4.4

Related Tags