18)
The daily demand for hotel rooms on Manhattan Island in New York is given by
the equation
QD = 250,000 – 375P. The daily supply of hotel rooms on Manhattan
Island is given by the equation QS = 15,000
+ 212.5P. Diagram these demand and
supply curves in price and quantity space.
What
is the equilibrium price and quantity of hotel rooms on Manhattan Island?
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2.3 Changes
in Market Equilibrium
1) Which of the
following would cause an unambiguous decrease in the real price of DVD
players?
A) A shift to
the right in the supply curve for DVD players and a shift to the right in the
demand curve for DVD players.
B) A shift to
the right in the supply curve for DVD players and a shift to the left in the
demand curve for DVD players.
C) A shift to
the left in the supply curve for DVD players and a shift to the right in the
demand curve for DVD players.
D) A shift to
the left in the supply curve for DVD players and a shift to the left in the
demand curve for DVD players.
2) From 1970 to
2010, the real price of a college education increased, and total enrollment
increased. Which of the following could have caused this increase in
price and enrollment?
A) A shift to
the right in the supply curve for college education and a shift to the left in
the demand curve for college education.
B) A shift to
the left in the supply curve for college education and a shift to the right in
the demand curve for college education.
C) A shift to
the left in the supply curve for college education and a shift to the left in
the demand curve for college education.
D) none of the
above
3) From 1970 to
2010, the real price of eggs decreased.
Which of the following would cause an unambiguous decrease in the
real price of eggs?
A) A shift to
the right in the supply curve for eggs and a shift to the right in the demand
curve for eggs.
B) A shift to
the right in the supply curve for eggs and a shift to the left in the demand
curve for eggs.
C) A shift to
the left in the supply curve for eggs and a shift to the right in the demand
curve for eggs.
D) A shift to
the left in the supply curve for eggs and a shift to the left in the demand
curve for eggs.
4) From 1970 to
2010, the real price of eggs decreased and the total annual consumption of eggs
decreased. Which of the following would
cause an unambiguous decrease in the real price of eggs and an unambiguous decrease in the quantity
of eggs consumed?
A) A shift to
the right in the supply curve for eggs and a shift to the right in the demand
curve for eggs.
B) A shift to
the left in the supply curve for eggs and a shift to the right in the demand
curve for eggs.
C) A shift to
the left in the supply curve for eggs and a shift to the left in the demand
curve for eggs.
D) none of the
above
5) We observe
that both the price of and quantity sold of golf balls are rising over
time. This is due to:
A) continual
improvements in the technology used to produce golf balls.
B) increases in
the price of golf clubs over time.
C) decreases in
membership fees for country clubs with golf facilities.
D) more
stringent professional requirements on the quality of golf balls requiring
producers to use more expensive raw materials.
6) Which of the
following will cause the price of beer to rise?
A) A shift to
the right in the demand curve for beer
B) A shift to
the left in the supply curve of beer
C) both A and B
D) none of the
above
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