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Exam Review

Explore various scenarios such as minimum wage raise, taxes, changing consumer tastes, and technological advancements to analyze their effects on equilibrium graphs in the economy. Understand shifts in supply and demand dynamics with labeled graphs.

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Exam Review

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  1. Exam Review

  2. Question 1 • Minimum wage is raised in the US. Show the effect of this on a correctly labeled graph. • Be sure to label your original AND new equilibrium P & Q.

  3. Question 2 • The government imposes a higher tax on cigarette companies. Show the effect of this tax on the economy using a correctly labeled graph. • Be sure to label your original AND new equilibrium P & Q.

  4. Question 3 • Consumers begin to prefer other shoes over Jordans. Show the effect of this change in consumer taste on a correctly labeled graph. • Be sure to label your original AND new equilibrium P & Q.

  5. Question 4 • You are the first producer of a computer program. However, after a few months, other companies begin producing a similar program. • Using a correctly labeled graph, show the effect of this on your computer program. Be sure to label your original AND new equilibrium P & Q.

  6. Question 5 • You own a bean bag making company. You purchase a new computer that will make bean bags 3x faster than your workers. • Using a correctly labeled graph, show the effect of this on your bean bag production. Be sure to label your original AND new equilibrium P & Q.

  7. Question 6 • China has seen a large population increase in the last 15-20 years. • On a correctly labeled graph, show how this population increase has affected their economy.

  8. Question 7 • You are a strawberry farmer & are planning how much to plant for the season. You expect that the price of strawberries will be higher this coming season that it was last season. • Using a correctly labeled graph, show how this expectation affects your “economy” of strawberries.

  9. Question 8 • You are shopping for a new car. You expect that the price of the model you want will decrease next month. • Using a correctly labeled graph, show how this affects your “economy” right now.

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