Sidebar Sidebar
Become a MacRumors Supporter for $50/year with no ads, ability to filter front page stories, and private forums.

could use some help with my micro economics hw :P

G

GD0X

Guest
Original poster
Mar 20, 2011
97
0
1.
The demand curve for personal computer mice shifts to the right (i.e., there is an increase in the demand for mice). As a result, what will happen to the equilibrium price and equilibrium quantity of computer mice?
A) Price will increase; quantity will increase.
B) Price will increase; quantity will decrease.
C) Price will decrease; quantity will increase.
D) Price will decrease; quantity will decrease.
E) Not enough information has been given to answer the question.
2.
The demand curve for soccer balls shifts to the left (i.e., there is a decrease in the demand for soccer balls). As a result, what will happen to the equilibrium price and equilibrium quantity of soccer balls?
A) Price will increase; quantity will increase.
B) Price will increase; quantity will decrease.
C) Price will decrease; quantity will increase.
D) Price will decrease; quantity will decrease.
E) The answer is beyond human comprehension.
3.
There is a rightward shift in the supply curve for printer paper (i.e., there is an increase in the supply of printer paper). As a result, what will happen to the equilibrium price and equilibrium quantity of printer paper?
A) Price will increase; quantity will increase.
B) Price will increase; quantity will decrease.
C) Price will decrease; quantity will increase.
D) Price will decrease; quantity will decrease.
E) Draco Malfoy knows the answer to this question, but he isn’t telling.
4.
There is a leftward shift in the supply curve for swimsuits (i.e., there is a decrease in the supply of swimsuits). As a result, what will happen to the equilibrium price and equilibrium quantity of swimsuits?
A) Price will increase; quantity will increase.
B) Price will increase; quantity will decrease.
C) Price will decrease; quantity will increase.
D) Price will decrease; quantity will decrease.
E) Draco Malfoy may or may not know the answer to this question. But even if he did know, he wouldn’t tell you.
5.
Luxury automobiles are a normal good. There is an increase in the incomes of people who are potential buyers of luxury automobiles. As a result, what will happen to the equilibrium price and equilibrium quantity of luxury automobiles?
A) Price will increase; quantity will increase.
B) Price will increase; quantity will decrease.
C) Price will decrease; quantity will increase.
D) Price will decrease; quantity will decrease.
E) All of the above!!! Amazingly, price will both increase and decrease, and quantity will both increase and decrease, all at the same time!!!
6.
Low-fat milk is an input in the production of skinny lattes. There is an increase in the price of low-fat milk. As a result, what will happen to the equilibrium price and equilibrium quantity of skinny lattes?
A) Price will increase; quantity will increase.
B) Price will increase; quantity will decrease.
C) Price will decrease; quantity will increase.
D) Price will decrease; quantity will decrease.
E) Both choice A and choice C are correct.
7.
There is a decrease in the number of sellers of bib overalls. As a result, what will happen to the equilibrium price and equilibrium quantity of bib overalls?
A) Price will increase; quantity will increase.
B) Price will increase; quantity will decrease.
C) Price will decrease; quantity will increase.
D) Price will decrease; quantity will decrease.
E) None of the above. The decrease in the number of sellers will not have any effect on either the equilibrium price or the equilibrium quantity.
8.
Assume that pink slime is an inferior good. There is an increase in the incomes of potential buyers of pink slime. As a result, what will happen to the equilibrium price and equilibrium quantity of pink slime?
A) Price will increase; quantity will increase.
B) Price will increase; quantity will decrease.
C) Price will decrease; quantity will increase.
D) Price will decrease; quantity will decrease.
E) Not enough information has been given to answer the question.
9.
A new technology makes it possible to produce more flash drives, without using any additional resources. As a result, what will happen to the equilibrium price and equilibrium quantity of flash drives?
A) Price will increase; quantity will increase.
B) Price will increase; quantity will decrease.
C) Price will decrease; quantity will increase.
D) Price will decrease; quantity will decrease.
E) Choices B, C, and D are correct, but choice A is incorrect.
10.
Because of an increase in the size of the elderly population and an increase in the number of extremely obese people, there is an increase in the number of potential buyers of walkers. As a result, what will happen to the equilibrium price and equilibrium quantity of walkers?
A) Price will increase; quantity will increase.
B) Price will increase; quantity will decrease.
C) Price will decrease; quantity will increase.
D) Price will decrease; quantity will decrease.
E) There is simply no way even to begin to understand this question.
11.
Assume that hot dogs and mustard are complements. There is a decrease in the price of mustard. As a result, what will happen to the equilibrium price and equilibrium quantity of hot dogs?
A) Price will increase; quantity will increase.
B) Price will increase; quantity will decrease.
C) Price will decrease; quantity will increase.
D) Price will decrease; quantity will decrease.
E) Rubeus Hagrid would really like to help us out on this one, but he is not very knowledgeable about economics, so he doesn’t know the answer.
12.
Assume that oranges and grapefruit are substitutes. There is a decrease in the price of oranges. As a result, what will happen to the equilibrium price and equilibrium quantity of grapefruit?
A) Price will increase; quantity will increase.
B) Price will increase; quantity will decrease.
C) Price will decrease; quantity will increase.
D) Price will decrease; quantity will decrease.
E) Nobody knows. Nobody knows.
13.
Titanium is an input in the production of dental implants. There is a decrease in the price of titanium. As a result, what will happen to the equilibrium price and equilibrium quantity of dental implants?
A) Price will increase; quantity will increase.
B) Price will increase; quantity will decrease.
C) Price will decrease; quantity will increase.
D) Price will decrease; quantity will decrease.
E) Most people just can't relate to this question.
14.
Vacation homes are a normal good. There is a decrease in the incomes of potential buyers of vacation homes. As a result, what will happen to the equilibrium price and equilibrium quantity of vacation homes?
A) Price will increase; quantity will increase.
B) Price will increase; quantity will decrease.
C) Price will decrease; quantity will increase.
D) Price will decrease; quantity will decrease.
E) Choice A and Choice B are correct on Sundays and Mondays; Choice C and Choice D are correct on the other days of the week.
15.
Assume that coffee and tea are substitutes. There is an increase in the price of coffee. As a result, what will happen to the equilibrium price and equilibrium quantity of tea?
A) Price will increase; quantity will increase.
B) Price will increase; quantity will decrease.
C) Price will decrease; quantity will increase.
D) Price will decrease; quantity will decrease.
E) Tea drinkers might be able to answer this question, but coffee drinkers certainly can’t.
16.
Assume that peanut butter and jelly are complements. There is an increase in the price of peanut butter. As a result, what will happen to the equilibrium price and equilibrium quantity of jelly?
A) Price will increase; quantity will increase.
B) Price will increase; quantity will decrease.
C) Price will decrease; quantity will increase.
D) Price will decrease; quantity will decrease.
E) None of the above, or maybe all of the above.
17.
Assume that the supply curve for paintings by Artemis Gordon is vertical. (Note that this means that the supply curve does not obey the Law of Supply.) Also, assume that paintings by Artemis Gordon are a normal good. There is an increase in the incomes of potential buyers of Artemis Gordon paintings. As a result, what will happen to the equilibrium price and equilibrium quantity of Artemis Gordon paintings?
A) Price will increase; quantity will stay the same.
B) Price will decrease; quantity will stay the same.
C) Price will stay the same; quantity will increase.
D) Price will stay the same; quantity will decrease.
E) Price will stay the same; quantity will stay the same.
18.
The demand curve for kumquats shifts to the right (i.e., there is an increase in demand for kumquats). At the same time, the supply curve for kumquats shifts to the left (i.e., there is a decrease in the supply of kumquats). As a result, what will happen to the equilibrium price and equilibrium quantity of kumquats?
A) Price will increase; quantity will increase.
B) Price will increase; quantity will decrease.
C) Price will increase; quantity could increase, decrease, or stay the same, so that we cannot determine the direction of change in quantity without more precise information.
D) Price will decrease; quantity could increase, decrease, or stay the same, so that we cannot determine the direction of change in quantity without more precise information.
E) Price could increase, decrease, or stay the same, so that we cannot determine the direction of change in price without more precise information; quantity will increase.
19.
There is a leftward shift in the demand curve for edible fruit arrangements (i.e., there is a decrease in demand for edible fruit arrangements). At the same time, there is a leftward shift in the supply curve for edible fruit arrangements (i.e., there is a decrease in the supply of edible fruit arrangements). As a result, what will happen to the equilibrium price and equilibrium quantity of edible fruit arrangements?
A) Price will decrease; quantity will decrease.
B) Price will increase; quantity will decrease.
C) Price will decrease; quantity could increase, decrease, or stay the same, so that we cannot determine the direction of change in quantity without more precise information.
D) Price could increase, decrease, or stay the same, so that we cannot determine the direction of change in price without more precise information; quantity will decrease.
E) Price could increase, decrease, or stay the same, so that we cannot determine the direction of change in price without more precise information; quantity will increase.
20.
A fire burns down a toothpick factory. As a result, what will happen to the equilibrium price and equilibrium quantity of toothpicks?
A) Price will increase; quantity will increase.
B) Price will increase; quantity will decrease.
C) Price will decrease; quantity will increase.
D) Price will decrease; quantity will decrease.
E) This question can only be understood by people who use toothpicks. Thus if you do not use toothpicks, you do not have to answer this question.
 
Do you want help, or the answers?

Those are fairly easy questions... Pick one, explain what you think the answer is and why, and it should be easy to help you.
 
Must be high school Econ because that's about as rudimentary as it gets. I wish my class this semester was that easy (also micro).

If you don't know this stuff, I would advise you to drop the class or get a tutor. Asking strangers to do something that you are too lazy to do is rude. Why is their time less valuable than yours?
 
I have my reasons...

I didn't guess btw, educated guesses.1. A
2. C
3. A
4. D
5. A
6. A
7. B
8. A
9. C
10. A
11. C
12. C
13. C
14. D
15. C
16. D
17. A
18. B
19. B
20. B

I was confused as to whether quantity would increase/decrease based on manufacturer production or consumer supply/demand.
 
Aw I was going to answer some of these for fun.

That being said I am horrifyingly bad at economics. My mind clings to computer and graphics related things, I am generally terrible at stuff like economics, accounting, banking stuff, etc.
 
not sure if mine are right haha
chrono1081 said:
Aw I was going to answer some of these for fun.

That being said I am horrifyingly bad at economics. My mind clings to computer and graphics related things, I am generally terrible at stuff like economics, accounting, banking stuff, etc.
Click to expand...
 
Rethink 2,3,4,8,12,15,18 and 19. Sketch out the curves and their movement, keep in mind that it could move a lot or a little. In the case of multiple curve movements, sketch a few possible movements of each line including some extreme movements to see what could happen.

The concepts are very basic and simple, but I've found you should always take the same approach especially on tests to avoid making simple mistakes.

If you still have trouble, post your sketches and I'm sure we can help, just make sure they are readable.
 
Yupp, that's from an Intro to Micro Econ course.

I won't do it for you (And I don't think anybody here will), but feel free to ask questions about what it is that you're having trouble with.
 
I can recall a former user posting his homework (maybe it was a takehome test) on MR and asking for help, somebody ended up screencapping the thread and sending it to his professor.

OP, I see from your profile that you're at Michigan State. It's probably not too hard for someone to find out who the Intro to MicroEcon professor is and shoot him/her an email.

GD0X said:
1.
The demand curve for personal computer mice shifts to the right (i.e., there is an increase in the demand for mice). As a result, what will happen to the equilibrium price and equilibrium quantity of computer mice?
A) Price will increase; quantity will increase.
B) Price will increase; quantity will decrease.
C) Price will decrease; quantity will increase.
D) Price will decrease; quantity will decrease.
E) Not enough information has been given to answer the question.
2.
The demand curve for soccer balls shifts to the left (i.e., there is a decrease in the demand for soccer balls). As a result, what will happen to the equilibrium price and equilibrium quantity of soccer balls?
A) Price will increase; quantity will increase.
B) Price will increase; quantity will decrease.
C) Price will decrease; quantity will increase.
D) Price will decrease; quantity will decrease.
E) The answer is beyond human comprehension.
3.
There is a rightward shift in the supply curve for printer paper (i.e., there is an increase in the supply of printer paper). As a result, what will happen to the equilibrium price and equilibrium quantity of printer paper?
A) Price will increase; quantity will increase.
B) Price will increase; quantity will decrease.
C) Price will decrease; quantity will increase.
D) Price will decrease; quantity will decrease.
E) Draco Malfoy knows the answer to this question, but he isn’t telling.
4.
There is a leftward shift in the supply curve for swimsuits (i.e., there is a decrease in the supply of swimsuits). As a result, what will happen to the equilibrium price and equilibrium quantity of swimsuits?
A) Price will increase; quantity will increase.
B) Price will increase; quantity will decrease.
C) Price will decrease; quantity will increase.
D) Price will decrease; quantity will decrease.
E) Draco Malfoy may or may not know the answer to this question. But even if he did know, he wouldn’t tell you.
5.
Luxury automobiles are a normal good. There is an increase in the incomes of people who are potential buyers of luxury automobiles. As a result, what will happen to the equilibrium price and equilibrium quantity of luxury automobiles?
A) Price will increase; quantity will increase.
B) Price will increase; quantity will decrease.
C) Price will decrease; quantity will increase.
D) Price will decrease; quantity will decrease.
E) All of the above!!! Amazingly, price will both increase and decrease, and quantity will both increase and decrease, all at the same time!!!
6.
Low-fat milk is an input in the production of skinny lattes. There is an increase in the price of low-fat milk. As a result, what will happen to the equilibrium price and equilibrium quantity of skinny lattes?
A) Price will increase; quantity will increase.
B) Price will increase; quantity will decrease.
C) Price will decrease; quantity will increase.
D) Price will decrease; quantity will decrease.
E) Both choice A and choice C are correct.
7.
There is a decrease in the number of sellers of bib overalls. As a result, what will happen to the equilibrium price and equilibrium quantity of bib overalls?
A) Price will increase; quantity will increase.
B) Price will increase; quantity will decrease.
C) Price will decrease; quantity will increase.
D) Price will decrease; quantity will decrease.
E) None of the above. The decrease in the number of sellers will not have any effect on either the equilibrium price or the equilibrium quantity.
8.
Assume that pink slime is an inferior good. There is an increase in the incomes of potential buyers of pink slime. As a result, what will happen to the equilibrium price and equilibrium quantity of pink slime?
A) Price will increase; quantity will increase.
B) Price will increase; quantity will decrease.
C) Price will decrease; quantity will increase.
D) Price will decrease; quantity will decrease.
E) Not enough information has been given to answer the question.
9.
A new technology makes it possible to produce more flash drives, without using any additional resources. As a result, what will happen to the equilibrium price and equilibrium quantity of flash drives?
A) Price will increase; quantity will increase.
B) Price will increase; quantity will decrease.
C) Price will decrease; quantity will increase.
D) Price will decrease; quantity will decrease.
E) Choices B, C, and D are correct, but choice A is incorrect.
10.
Because of an increase in the size of the elderly population and an increase in the number of extremely obese people, there is an increase in the number of potential buyers of walkers. As a result, what will happen to the equilibrium price and equilibrium quantity of walkers?
A) Price will increase; quantity will increase.
B) Price will increase; quantity will decrease.
C) Price will decrease; quantity will increase.
D) Price will decrease; quantity will decrease.
E) There is simply no way even to begin to understand this question.
11.
Assume that hot dogs and mustard are complements. There is a decrease in the price of mustard. As a result, what will happen to the equilibrium price and equilibrium quantity of hot dogs?
A) Price will increase; quantity will increase.
B) Price will increase; quantity will decrease.
C) Price will decrease; quantity will increase.
D) Price will decrease; quantity will decrease.
E) Rubeus Hagrid would really like to help us out on this one, but he is not very knowledgeable about economics, so he doesn’t know the answer.
12.
Assume that oranges and grapefruit are substitutes. There is a decrease in the price of oranges. As a result, what will happen to the equilibrium price and equilibrium quantity of grapefruit?
A) Price will increase; quantity will increase.
B) Price will increase; quantity will decrease.
C) Price will decrease; quantity will increase.
D) Price will decrease; quantity will decrease.
E) Nobody knows. Nobody knows.
13.
Titanium is an input in the production of dental implants. There is a decrease in the price of titanium. As a result, what will happen to the equilibrium price and equilibrium quantity of dental implants?
A) Price will increase; quantity will increase.
B) Price will increase; quantity will decrease.
C) Price will decrease; quantity will increase.
D) Price will decrease; quantity will decrease.
E) Most people just can't relate to this question.
14.
Vacation homes are a normal good. There is a decrease in the incomes of potential buyers of vacation homes. As a result, what will happen to the equilibrium price and equilibrium quantity of vacation homes?
A) Price will increase; quantity will increase.
B) Price will increase; quantity will decrease.
C) Price will decrease; quantity will increase.
D) Price will decrease; quantity will decrease.
E) Choice A and Choice B are correct on Sundays and Mondays; Choice C and Choice D are correct on the other days of the week.
15.
Assume that coffee and tea are substitutes. There is an increase in the price of coffee. As a result, what will happen to the equilibrium price and equilibrium quantity of tea?
A) Price will increase; quantity will increase.
B) Price will increase; quantity will decrease.
C) Price will decrease; quantity will increase.
D) Price will decrease; quantity will decrease.
E) Tea drinkers might be able to answer this question, but coffee drinkers certainly can’t.
16.
Assume that peanut butter and jelly are complements. There is an increase in the price of peanut butter. As a result, what will happen to the equilibrium price and equilibrium quantity of jelly?
A) Price will increase; quantity will increase.
B) Price will increase; quantity will decrease.
C) Price will decrease; quantity will increase.
D) Price will decrease; quantity will decrease.
E) None of the above, or maybe all of the above.
17.
Assume that the supply curve for paintings by Artemis Gordon is vertical. (Note that this means that the supply curve does not obey the Law of Supply.) Also, assume that paintings by Artemis Gordon are a normal good. There is an increase in the incomes of potential buyers of Artemis Gordon paintings. As a result, what will happen to the equilibrium price and equilibrium quantity of Artemis Gordon paintings?
A) Price will increase; quantity will stay the same.
B) Price will decrease; quantity will stay the same.
C) Price will stay the same; quantity will increase.
D) Price will stay the same; quantity will decrease.
E) Price will stay the same; quantity will stay the same.
18.
The demand curve for kumquats shifts to the right (i.e., there is an increase in demand for kumquats). At the same time, the supply curve for kumquats shifts to the left (i.e., there is a decrease in the supply of kumquats). As a result, what will happen to the equilibrium price and equilibrium quantity of kumquats?
A) Price will increase; quantity will increase.
B) Price will increase; quantity will decrease.
C) Price will increase; quantity could increase, decrease, or stay the same, so that we cannot determine the direction of change in quantity without more precise information.
D) Price will decrease; quantity could increase, decrease, or stay the same, so that we cannot determine the direction of change in quantity without more precise information.
E) Price could increase, decrease, or stay the same, so that we cannot determine the direction of change in price without more precise information; quantity will increase.
19.
There is a leftward shift in the demand curve for edible fruit arrangements (i.e., there is a decrease in demand for edible fruit arrangements). At the same time, there is a leftward shift in the supply curve for edible fruit arrangements (i.e., there is a decrease in the supply of edible fruit arrangements). As a result, what will happen to the equilibrium price and equilibrium quantity of edible fruit arrangements?
A) Price will decrease; quantity will decrease.
B) Price will increase; quantity will decrease.
C) Price will decrease; quantity could increase, decrease, or stay the same, so that we cannot determine the direction of change in quantity without more precise information.
D) Price could increase, decrease, or stay the same, so that we cannot determine the direction of change in price without more precise information; quantity will decrease.
E) Price could increase, decrease, or stay the same, so that we cannot determine the direction of change in price without more precise information; quantity will increase.
20.
A fire burns down a toothpick factory. As a result, what will happen to the equilibrium price and equilibrium quantity of toothpicks?
A) Price will increase; quantity will increase.
B) Price will increase; quantity will decrease.
C) Price will decrease; quantity will increase.
D) Price will decrease; quantity will decrease.
E) This question can only be understood by people who use toothpicks. Thus if you do not use toothpicks, you do not have to answer this question.
Click to expand...

GD0X said:
I have my reasons...

I didn't guess btw, educated guesses.1. A
2. C
3. A
4. D
5. A
6. A
7. B
8. A
9. C
10. A
11. C
12. C
13. C
14. D
15. C
16. D
17. A
18. B
19. B
20. B

I was confused as to whether quantity would increase/decrease based on manufacturer production or consumer supply/demand.
Click to expand...
 
You must log in or register to reply here.
Register on MacRumors! This sidebar will go away, and you'll see fewer ads.
Top Bottom
Back