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Macroeconomics with Government Controls

Please see below for more economics questions for this week. Please post 100 words or less to these questions below. Thanks for your support.

1. What other real-world examples of changes in technology do you have to share? How did the change affect supply (did supply increase or decrease)?

2. What other real-world examples of changes in "resource prices" do you have to share? How did the change affect supply (did supply increase or decrease)?

3. Do you think that government is a main cause of high gasoline prices, and the solutions for alleviating this problem is to stop government intervention in energy markets and allow private markets to determine oil and gasoline prices?

4. Assuming that the demand curve is downward sloping, what is the relationship between price and quantity demanded? What three explanations does the text cite for the relationship between price and quantity demanded? Do you have any real-world examples of these explanations?

5. Which determinants of demand are related to the information collected by the decennial census? What examples of these determinants do you have?

Solution Preview

1. What other real-world examples of changes in technology do you have to share? How did the change affect supply (did supply increase or decrease)?

Technology has changed much over the years. For example, I have seen televisions that are full screen become flat screen. Additionally, I have seen computer technology become much smaller because now one can access it through their phone. People can listen to the radio on the phone, access internet, email and so forth. These are ways in which I have seen it change over the years. Furthermore, supply increased because of the demand increasing for the products.

2. What other real-world examples of changes in "resource prices" do you have to share? How did the change affect supply (did supply increase or ...

Solution Summary

This solution discussed economics with examples provided.

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