Economics
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1.a) Does the following graph, show an increase in supply or an increase in quantity supplied? What factor(s) might cause this change? Please see attachment above title "DQ1 A.gif"
b) Does the following graph, show an increase in supply or an increase in quantity supplied? What factor(s) might cause this change? Please see attachment above title "DQ1 B.gif"
c) Provide a real-world example of the scenario depicted in question "b." Be sure you identify a specific cause for the change. Please note: Your example does not need to include specific prices and quantities, such as those shown in the above graph.
2. a) Does the following graph, show a decrease in demand or a decrease in quantity demanded? What factor(s) might cause this change? Please see attachment above title "DQ2 A.gif"
Does the following graph, show a decrease in demand or a decrease in quantity demanded? What factor(s) might cause this change? Please see attachment above title "DQ2 B. gif"
c) Provide a real-world example of the scenario depicted in question "b." Be sure you identify a specific cause for the change. Please note: Your example does not need to include specific prices and quantities, such as those shown in the above graph.
3. Explain the economizing problem and the models used in economics.
4. Analyze the role of U.S. in a global economy.
5. What are your preconceptions of economics? Do you think economics will be a relatively difficult course? Why or why not?
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Solution Summary
This solution answered a number questions in regards to supply and demand.
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1.a) Does the following graph, show an increase in supply or an increase in quantity supplied? What factor(s) might cause this change? Please see attachment above title "DQ1 A.gif"
The graph shows an increase in supply because as the price increased so did the quantity. This indicates that supply and demand are taking place. The supply went up and so did the quantity. One has to note that when the price started at $1, the quantity was at zero. However, as the price went up, this made the quantity do the same. In essence, the company had to maintain enough supply in order to keep up with the demand of their product. One has to note that this is no easy task because they have to maintain the means of making enough revenue in order to keep up with the demand of the customers because of it. Through this, the organization has prospered for their product or service that they are providing to the consumer.
b) Does the following graph, show an increase in supply or an increase in quantity supplied? What factor(s) might cause this change? Please see attachment above title "DQ1 B.gif"
The graph also shows quantity supplied as well. The factors involved in this is that despite the price starting at $1 and the chart begining at zero for the supply. They were able to keep up with demand by looking at what it is the consumers want. Since revenue is increasing, the organization has to do everything possible to ensure that they are able to keep up with the demand. This means making sure that each of them strive to make a difference by making sure enough of the product is available to the public to buy. Their business is doing well because it is meeting the needs of the people around them, so that they can keep selling as much as possible to everyone who needs it.
c) Provide a real-world example of the scenario depicted in question "b." Be sure you identify a specific cause for the ...
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